U.S.-Based Vista International Plans To Enter SEE Via Stake in Waste-to-Energy Project in Bulgaria
SOFIA (Bulgaria), March 18 (SeeNews) – U.S.-based holding company Vista International plans to enter southeast Europe via an undisclosed stake by its subsidiary Vista International Technologies (VIT) in a waste-to-energy project in Bulgaria costing up to $50 million (31.6 million euro), VIT said on its website.
VIT plans to join its southeast European partner ID Global Capital and the municipality of the Bulgarian town of Kostinbrod in a project for a waste processing plant costing between $35 million and $50 million, VIT said in a statement posted on Monday.
The Kostinbrod plant will handle over 70,000 tonnes of solid waste yearly and will also be able to handle other waste. It could generate $10 million to $15 million in annual revenue, VIT's preliminary estimates suggest.
The company expects that the plant could be operational within 24 months if regulatory approval is received on time.
The municipality of Kostinbrod will decide whether to approve the project in the next three months, Mayor Krasimir Kunchev told SeeNews by phone from Kostinbrod, 15 kilometres north of Sofia. Kunchev declined to give more details.
Officials from Vista and ID Global Capital were not immediately available to comment.
VIT (www.viti.us.com) provides environmentally friendly technology solutions for businesses and communities. The company uses a gasification system that converts municipal solid waste, biomass, tyres, medical waste and other solid carbon-based materials into electricity and steam energy, while capturing the pollutants and turning them into useful products, making the unit virtually emissions free. The technology meets emission standards of the European Union.
Bulgaria, which joined the EU in January 2007, must reduce its hazardous emissions to meet stringent EU requirements.