March 5 (SeeNews) - State-owned Bulgarian Energy Holding (BEH) [BUL:04HA] has decided to increase the capital of its wholly-owned unit Maritsa Iztok 2 thermal power plant (TPP) by some 598 million levs ($342 million/305.8 million euro), official documents show.
BEH will subscribe for all 59,795,526 shares of 10 levs in par value each in exchange for its outstanding receivables from the lignite-fired power plant, according to documents filed with Bulgaria's commercial register.
The power plant operator currently has a registered capital of some 89.7 million levs. The capital increase has not yet been entered into the register.
TPP Maritsa Iztok 2 has been booking losses for years, as it is struggling to adapt to the EU Emissions Trading System, which requires the company to surrender allowances to cover all of its emissions. The power plant closed the first nine months of 2019 with a net loss of 179 million levs.
(1 euro = 1.95583 levs)
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