France's Akuo Energy wraps up acquisition of PVB Power Bulgaria

France-based renewable energy power group Akuo Energy said that it completed the acquisition of PVB Power Bulgaria, which has a portfolio of five hydroelectric plants with a total installed capacity of 15.5 MW located on the Iskar river.

This transaction strengthens Akuo Energy's presence in Bulgaria, where the company already owns four hydropower power stations with a total installed capacity of 63 MW, the renewable energy producer said in a press release on Wednesday.

"This external growth operation also allows Akuo to integrate a team of 12 engineers and technicians specialised in the running and maintenance of hydroelectric plants, but also to strengthen its asset management teams. Lastly, it also reflects Akuo’s intention of accelerating its active role on the deregulated energy market over the coming years," the company also said.

"This operation consolidates our presence in the region on all of our technologies but also in products and services,” Eric Scotto, chairman and co-founder of Akuo Energy, said in the statement.

The local and renewable energy produced by Akuo Energy's nine local plants represents the equivalent of 35,000 metric tons of carbon dioxide avoided and will cover the electricity consumption of more than 20,000 Bulgarian homes, according to the group's statement.

Paris-headquartered Akuo Energy is an independent global renewable energy power producer and developer, which is present across the entire value chain, including project development, financing, construction, and operation. Akuo Energy employs over 350 employees in more than 15 countries around the world.

As of the end 2020, the company had invested more than 2.6 billion euro for a current total capacity of 1.3 GW in operation or under construction and had over 5 GW of projects under development, according to its statement.

According to commercial registry data, PVB Power Bulgaria is owned by Akuo Bulgaria Svoghe, a subsidiary of hydropower company Akuo Energy Bulgaria. Akuo Energy Bulgaria is a unit of Luxembourg-based Akuo Energy International S.A.R.L., part of the Akuo Energy group.

($ = 0.851541 euro)

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