CORRECTED - Bulgaria signs MoU with IP3 Corp, Gemcorp Holdings [NOT Gemcorp Capital Management] on energy projects

A corrected version follows:

Bulgaria's energy minister signed on Wednesday memoranda of understanding (MoUs) with London-based emerging markets asset manager Gemcorp Holdings and US nuclear technology developer IP3 Corporation on energy projects that are expected to unlock investments of around $ 1 billion (911 million euro), the energy ministry said.

Under the agreements, the parties will work together on planning and developing clean energy projects, alternative and strategic gas supplies, energy security and nuclear power, the ministry said in a statement.

The partnership foresees ensuring alternative, stable and affordable gas deliveries to Bulgaria, improving regional energy security, the protection of critical infrastructure and the development of low-carbon technologies to aid the green energy transition.

In light of the continuing Russian aggression in Ukraine, the Bulgarian government has been exploring ways to wean Bulgaria off its near-total reliance on Russian gas imports to cover its energy needs.

Other strategic cooperation areas covered by the memoranda include studying the options for the construction of a hybrid industrial complex at the Maritsa East thermal power complex in Bulgaria as well as developing sustainable plans to use and manage nuclear fuel.

($ = 0.9103 euro)