Bulgaria’s Capman Green Energy Fund To Seek 5.0 Mln Euro in Capital Hike

SOFIA (Bulgaria), August 21 (SeeNews) – Bulgaria’s Capman Green Energy Fund plans to raise its capital by some 10 million levs ($7.5 million/5.0 million euro) by the end of the year to finance its investment programme, a senior company official said on Thursday.

“Our ambition is to select three or four projects by the end of this year in order to invest up to 1.5 million euro in each of them,” Nikolai Yalamov, executive member of fund’s board, told SeeNews.

“If we have good projects, we'll make a capital hike of about 10 million levs,” he added.

Capman Green Energy Fund, which starts trading on the Bulgarian Stock Exchange on Thursday, will invest in hydro, wind, biomass, solar and geothermal energy projects.

Renewable energy projects have gained popularity in Bulgaria in recent years as the country has to increase the share of electricity generation from renewable sources to 16% of its total output by 2020 under the EU directives. Bulgaria joined the bloc in 2007.

The fund was set up with an initial capital of 500,000 levs, of which Bulgarian-registered Property Developers owns 80%. Financial group Capman owns the remainder.

(1 euro = 1.95583 Bulgarian levs)

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