Enemona To Invest 1.7 Bln Leva in Lomski Lignite Energy Project

Enemona To Invest 1.7 Bln Leva in Lomski Lignite Energy Project

Enemona, in cooperation with Bulgarian and foreign investors, is starting the development of the Lomski Lignite energy project, worth between 1.5 and 1.7 bln leva (approximately 870 mln euros).

The investment includes exploitation of a lignite coal field of more than 220 mln tonnes of coal deposits (14% of Bulgaria's deposits of this kind of coal), its extraction (at the capacity of Momin Brod mine of up to 6 mln tonnes per year), as well as construction of Momin Brod Thermal Power Plant (which is to have a capacity of between 400-600 MW/h).

The estimations are based on the current capacities of Maritza Iztok TPP and the operation of Belene NPP. Tsvetan Rizov, Conventional Energy director in Enemona did not disclose any details, when asked about the future development of the TPP's long-distance network, but said that demand for electricity in Southeastern Europe is to grow considerably in the near future.

Bulgarian Academy of Science, Minproekt, and SofGeolite are among the project's partners in Bulgaria. California research institute Earthquake Engineering Research Center (EERC) has also been attracted as a participant in the investment. The institute specializes in development of technologies for efficient use of lignite coal. The project has received the support of the US Energy Department.

There will be three stages of implementation – preliminary, pre-concession, and concession stage. The preliminary stage (technical analyses etc.) took two years, Tsvetan Rizon told journalists. At the moment work is on the second “the pre-concession” stage, which is expected to take between 12 and 32 months.

This stage includes on-filed research, tests of coal quality, land acquisition, endorsement of concession contracts, delivery of equipment etc. The company is hoping to be able to complete this stage in 2 years.

Currently, the amount of investment stands at 85 mln leva (43.460 mln euros). The Bulgarian Investment Agency awards Enemona a First Class Investment Certificate today, because of this project. At this stage funding will be provided by the company itself, and by bank loans, Pencho Nenov, vice-CEO of the Bulgarian Investment Agency said.

The concession stage will take between 35 and 55 years and includes construction of Momin Brod Thermal Power Plant and energy distribution. The TPP is expected to enter into exploitation by 2015. The carbon dioxide emission into atmosphere is estimated at 900 hg/h.

“Our aim is to start a long-term industry in the region of Montana, that will provide work for other business in the region,” says Enemona CEO Dichko Prokopiev. The project will create 2,000 job positions in a region that has so far lacked active investment initiatives.

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