SOFIA (Bulgaria), June 29 (SeeNews) – CEZ Distribution Bulgaria [BUL:3CZ], a unit of Czech power utility group CEZ, said on Thursday it intends to invest this year 3.1 million levs ($1.8 million/1.6 million euro) in the town of northwestern town of Vratsa, 55% more than in 2016.
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, CEZ Distribution said in a statement posted on its website.
Earlier this month, CEZ Distribution said it plans to invest 5.9 million levs in the town of Blagoevgrad this year, six times more than in 2016.
Last month, CEZ Distribution said it intends to invest 31 million levs in Sofia in 2017.
On Monday, Czech power group Energo-Pro told SeeNews it has submitted an offer for the Bulgarian assets of CEZ Group.
In May, CEZ Group said it has started negotiations with investors on the sale of its assets in Bulgaria, without disclosing the names of the selected companies.
In January, CEZ Group announced it had decided to study the options related to its equity investments in Bulgaria, based on the interest of several unnamed investors. It did not elaborate.
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.
(1 euro = 1.95583 levs)