ENEL INCREASES ITS STAKE IN THE MARITZA EAST III OPERATIONS IN BULGARIA

  • Enel has acquired the remaining 40% of Maritza East III Power Holding (it already held 60%) and 100% of Maritza O&M Holding Netherlands from the US company Entergy. With this transaction Enel now controls 73% of both Maritza East III Power Company, which owns one of the largest thermal plants in the country (840 MW), and Maritza East 3 Operating Company, which operates and maintains the plant.
  • Conti: We intend to expand further in Bulgaria, both in generation and power infrastructure. We consider it a strategic market for our growth in Central and Eastern Europe.

Rome, 16 June 2006 – Enel has purchased from Entergy Power Bulgaria Ltd (Entergy) 40% of Maritza East III Power Holding B.V., a Dutch company that owns 73% of Maritza East III Power Company AD, a Bulgarian company that owns the Maritza East III power plant near Stara Zagora, in south-eastern Bulgaria. Enel had already acquired 60% of Entergy’s stake in Maritza East III Power Holding B.V. in 2003, taking the lead in modernising and operating the Maritza East III power plant, one of the country’s largest lignite-fired facility with a capacity of 840 MW.

Fulvio Conti, Enel CEO, remarked: “The increase in our stake in Maritza East III strengthens our position in Bulgaria, a key market for Enel’s growth in Central and Eastern Europe, where we intend to expand further, both in generation and power infrastructure”.

Enel has also purchased from Entergy the entire share capital of Maritza O&M Holding Netherlands B.V., a Dutch company that owns 73% of Maritza East 3 Operating Company AD, a Bulgarian company that operates and maintains the Maritza East III power plant. The remaining 27% of both Bulgarian companies is still owned by NEK, the Bulgarian national electricity company.

Enel has paid Entergy a total of €47.5 million to buy the stakes in Maritza East III Power Holding B.V. (40%) and Maritza O&M Holding Netherlands B.V. (100%).

Enrico Viale, Enel’s country manager for the Balkans commented: “This acquisition consolidates Enel’s role in developing the area’s power system and strengthens our partnership with NEK“.

 

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