Starting Price for Privatization of Bobov Dol TPP Set at 100 Mln Leva

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Starting Price for Privatization of Bobov Dol TPP Set at 100 Mln Leva

Bulgaria's Privatization Agency will organize an open-bid auction for the sale of 251,400 shares, accounting for 100% of the capital of Bobov Dol thermal power plant (TPP).

The starting price is set at 100 mln leva, while the increment stands at 500,000 leva. Candidates willing to participate in the auction will have to pay 5 mln leva deposit.

The price of the auction documentation, which does not include an information memorandum, is set at 2,000 leva and may be purchased at the PA.

The buyer of Bobov Dol TPP should be a strategic investor complying with several requirements. The sales volume of the electricity generated from own sources should not be less than 5 TWh for each of the last three financial years, while the equity capital of the company should be no less than 1 bln leva.

The candidates should also have at least “A-” long-term credit rating assigned by either Standard & Poor’s or Fitch Ratings or “А3” credit rating assigned by Moody’s Investors Service.

The buyer may be a coal mining company producing or shipping Bulgarian coals, which has produced/shipped a total of 1.25 mln tonnes of coals over the last three years, according to its audited annual financial reports.

The new owner may also be a consortium, whose capital is 51-percent owned by companies producing and/or shipping Bulgarian coals that have produced/shipped at least 3 mln tonnes of coals over the last three years, according to their audited financial reports.

Offshore-registered companies, as well as companies that have liabilities towards the state or towards enterprises in which the state holds more than a 51-percent stake, will not be allowed to bid for Bobov Dol TPP.

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