March 27 (SeeNews) - Swiss energy company Alpiq has agreed to divest its activities in Bulgaria to Renalfa Group in a shift of focus to core markets in Western Europe and the Nordic region, the parties to the deal announced on Monday.
Under the deal, Renalfa IPP - a joint venture between French investment fund manager Rgreen Invest and Vienna-based Renalfa Solarpro Group, will take over the operational 72.5 MW Vetrocom wind farm which has an average annual output of 135 GWh, the two parties said in separate press releases.
You can download the 2023 Renewable energy in Southeast Europe report here
You can subscribe to our M&A newsletter here
Bulgarian companies from the Renalfa Solarpro Group will take over wind turbine operation and maintenance (O&M) services provider Alpiq Wind Services as well as electricity trader Alpiq Energia Bulgaria, Renalfa said.
The transaction, agreed for an undisclosed amount, is subject to customary closing conditions, including approval by competition authorities. It is expected to be completed during 2023.
"We are pleased to announce the signing of the deal for Vetrocom wind farm, after winning a competitive auction. Acquisition of Vetrocom is an important step for technology diversification of our fast growing portfolio of generating assets in East Europe," Nick Antonov, Renalfa IPP communications director, said.
Alpiq developed the Vetrocom wind farm near the south-central city of Kazanlak for an investment of 80 million euro ($86.1 million), commissioned its 29 turbines in three stages between 2010 and 2012 and operated the facility for more than 10 years. In 2017, the Swiss company established O&M provider Alpiq Wind Services. Alpiq Energia Bulgaria is in charge of marketing the electricity generated by the wind farm as well as the purchase and sale of balancing energy in connection with Vetrocom and for third-party assets.
Under the deal, all 31 Alpiq employees in Bulgaria will transfer to Renalfa.
Vienna-based Renalfa IPP has over 450 MW of assets in operation or under construction in Central and Eastern Europe as well as more than 1 GW of projects in late stage development. The independent power producer is active in Poland, Hungary, Romania, Bulgaria and North Macedonia.
In late 2022, RGreen Invest teamed up with Renalfa Solarpro Group via a 140 million euro equity investment. The deployment of the fresh capital was to prioritise the development and construction of 519 MW of ground-mounted PV projects in Bulgaria, North Macedonia and Hungary.
($ = 0.9287 euro)