Bulgarian regulator clears Navibulgar's buy of PPP-Lovech

The notified transaction will not harm competition despite creating a minimal horizontal overlap on the Bulgarian electricity production and trade market, the Commission on Protection of Competition (CPC) said in a statement on Tuesday.

Varna-based Navigation Maritime Bulgare is part of local diversified group Advance Properties, which owns approximately 70% of its share capital. The remainder is held by the Bulgarian transport ministry.

Advance Properties, through its subsidiaries, owns and operates two solar photovoltaic (PV) plants plants situated in the towns of Peshtera and Razgrad. These two PV plants have an installed capacity of 25 MW and 50 MW, respectively, and are used to cover the energy needs of Advance Properties' medical products manufacturing arm Biovet. However, the group's presence on the electricity production and sale market, including that from renewable energy sources, is limited, as almost all of the energy produced is used to meet the group's own needs, which significantly exceed the capacity of the two PV plants combined.

Under the deal, Navigation Maritime Bulgare will acquire direct ownership of 100% of PPP-Lovech's equity capital, which amounts to 167.8 million levs ($91.7 million/85.8 million euro). The acquisition is aimed at expanding Advance Properties' energy portfolio, specifically in renewable energy production.

PPP-Lovech, founded in 2023, specialises in the construction and operation of solar photovoltaic plants for the production and trade of electricity. It is wholly owned by local company Bul Invest Group 2009.

(1 euro = 1.95583 levs)