News Article

ACWA Power Sells Its Stake In A 60 MW PV Power Plant


ACF Renewable Energy Limited, a subsidiary of ACWA Power has completed a sale of its 100% stake in ACWA Power CF Karad PV Park EAD, owner of the 60.4 MWp Karadzhalovo photovoltaic (PV) power plant in Bulgaria to Enery Development GmbH, an Austrian investor and project developer in the renewable energy sector for an undisclosed consideration.

Furthermore, ACWA Power's subsidiary NOMAC Limited, has also completed the sale of its 100% stake in NOMAC Bulgaria, a company providing Operations & Maintenance (O&M) services to the ACWA Power Karad plant, to Enery Development GmbH for an undisclosed consideration. Both transactions follow the signing of a binding agreement back in December 2019 and constitute the largest brownfield PV deal in Bulgaria to date.

The Karadzhalovo power plant, which is the largest single-site PV plant in Bulgaria, generated 85.56 GWh of carbon-neutral energy in 2019.

Raiffeisen Bank International AG acts as the exclusive financial advisor to the sellers and CMS Sofia serves as the legal advisor to the sellers.

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