Portugal's Martifer Renewables To Develop Wind Parks in Bulgaria

SOFIA (Bulgaria), September 18 (SeeNews) – Portuguese renewable energy firm Martifer Renewables has bought Bulgarian alternative energy firm Vesto to develop wind power generation parks in the European Union newcomer, one of the former Vesto owners said on Thursday.

“Martifer Renewables has recently bought 100% of Vesto,” former co-owner Stoyan Malkochev told SeeNews from the Black Sea port of Varna, where Vesto is located, but declined to reveal the deal price.

Portuguese diversified group Martifer said on Wednesday that Vesto is currently developing a 12.6 megawatt (MW) wind farm in northeastern Bulgaria.

Malkochev declined to elaborate.

The construction of the wind farm is expected to begin next year and it is estimated that annual production will reach 34,000 MWh, Martifer said.

Vesto will also seek further wind farm development opportunities in the country.

Bulgaria, which joined the European Union in 2007, should generate at least 11% of its electricity from renewable sources by 2010 and 16% by 2020 under agreements with the bloc.

At the end of 2007, Bulgaria had wind farms totalling 29 MW in operation with another 700 MW under development and to achieve the targets the country will need to install 1,450 MW of wind farm capacity, according to Martifer.

“This doubling of installed capacity will be an opportunity for wind farm developrs like Martifer Renewables in this region,” the company said.

Martifer Renewables is already present in Portugal, Germany, Spain, Poland, Romania, Slovakia, Ukraine, the USA and Brazil. Its renewable energy projects portfolio stands at 3,300 MW.

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