May 22 (SeeNews) - CEZ Distribution Bulgaria [BUL:3CZ], a unit of Czech power utility group CEZ, said on Monday it intends to invest 31 million levs ($17.7 million/15.9 million euro) in Sofia in 2017.
The company plans to acquire third-party energy facilities, which it is obliged to do under Bulgarian law, and to carry out electricity grid upgrades, the company said in a statement, posted on its website.
“CEZ Distribution commits to acquiring all facilities, for which all necessary documents are provided,” the company said.
The company intends to invest a total of 130 million levs in Bulgaria in 2017, it added.
Last week, local media reported CEZ Group has invited four candidates interested in acquiring its assets in Bulgaria to submit binding bids and bank guarantees for their price offers.
CEZ Group assets in Bulgaria include CEZ Distribution Bulgaria AD, the public supplier of electricity and a licensed trader CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria and Varna thermal power plant. The operations of those companies are managed and coordinated by CEZ Bulgaria EAD.
CEZ Distribution shares were traded 1.49% higher at 272 levs as at 13:45 CET on Monday, in a volume of two shares.
(1 euro = 1.95583 levs)