An Advance Equity Subsidiary To Build a Solar Park and New Wind Parks

An Advance Equity Subsidiary To Build a Solar Park and New Wind Parks

A subsidiary of Advance Equity Holding will be investing in the construction of photovoltaic power plants near Sofia. Energy Invest, which is 100% controlled by Advance Equity, plans to acquire a majority stake in Inter Sol EAD – a company established last year with the core activity of completing a solar park project.

Energy Invest will deposit 1.1 mln leva into the capital of Inter Sol, gaining a 90% control over it.

“Apart from the photovoltaic power plant, this year we are planning the construction of several wind parks”, said Ventsislav Petrov, Advance Equity Holding CEO and chair of the Board of Directors in Energy Invest.”We are convinced that there is a huge potential on the market of “green” energy and we will continue to invest in renewable energy sources,” he added.

The solar park will be built on an area of 43 decare near the village of Paunovo, municipality of Ihtiman. Its capacity will be 882 kW.

The total investment in the solar park tops 3 mln euros. The construction part of the process has been assigned to Bulgarian company Sun Service, which specializes in this type of building. The facility is scheduled to enter into exploitation at the beginning of summer 2008.

Following a decision of Advance Equity Holding's Board of Directors, the capital of Energy Invest EAD will be raised from 150,000 leva (76.693 euros) to 2.4 mln leva (1.227 mln euros), the increase will be entirely subscribed by Advance Equity. Another capital increase will follow some time this year, Ventsislav Petrol also said.

Energy Invest is planning to install new wind turbines with a total capacity of 12 MW, and has already acquired land plots in the municipalities of Balchik and Kavarna, which meet the wind criteria. According to plans, the wind parks have to be ready by the end of 2008. Energy Invest currently has a wind park with capacity of 2.4MW near the village of Vidino, Kavarna.

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