| Kippreport.com

ACWA power acquires plant in Bulgaria

July 10, 2012 10:46 by Reuters

Saudi water and power project developer Acwa Power has acquired a 42 percent stake in a solar photovoltaic power plant in Bulgaria, it said in a statement on Monday.

The firm teamed up with an affiliate of First Reserve Energy Infrastructure Fund, a U.S. private equity firm, and Clean Energy Transition Fund, managed by Belfast-based Crescent Capital, to acquire the plant in Karadzhalovo, Bulgaria.

“The solar plant will be owned by the company in which Acwa Power has the 42 percent controlling interest…(and) will be operated by a new company formed in Bulgaria by NOMAC, a subsidiary of Acwa Power, and SunEdison in which both companies will have equal shares of ownership,” the statement said.

The plant, which was built by U.S. firm SunEdison and began operating in March, is expected to produce an average of 81,000 megawatt hours per year.

(Reporting by Asma Alsharif; Editing by Andrew Torchia)

Tags: a subsidiary of Acwa Power, acquisition, ACWA, Bulgaria, Clean Energy Transition Fund, NOMAC, U.S. firm SunEdison