Bulgaria’s Advance Equity Holding To Sell 2.4MW Kavarna Area Wind Park

Bulgarian private equity fund Advance Equity Holding has launched the sale of a 2.4 megawatt wind park near Kavarna, in the country's northeast, to local company Ecopark 2010, the fund's parent, Karoll, said.

The deal price is 1.37 million levs ($952,500/700,500 euro), Karoll said in a statement posted on its website on Wednesday.

The disposal marks the beginning of a new cycle in the fund's life that will focus on exiting the investments made in the holding subsidiaries, the statement said.

For the purposes of the deal, which is expected to be completed by the end of the year, the wind park’s assets, currently owned by Advance Equity Holding unit Energy Invest, will be spun off into an Energy Invest subsidiary and then sold to Ecopark 2010, the statement said.

“The sale proceeds will be 1.5 times larger than the own funds invested in the construction and maintenance of the park,” Advance Equity Holding chief executive officer and board chairman of Energy Invest Ventseslav Petrov said in the statement.

The wind park was commissioned in early 2007.

The combined capacity of Energy Invest's wind power project portfolio totals 56 megawatts. Through its InterSol unit, the company also owns a 1.0 megawatt-peak (MWp) solar park and a project for the upgrade of its capacity by 3.0MWp.

Advance Equity Holding was trading up 4.21% at 0.99 levs in a volume of 1,500 shares by 1130 GMT on the Bulgarian Stock Exchange on Thursday.

(1 euro=1.95583 Bulgarian levs)

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