November 9 (SeeNews) - ESCO Bulgaria, the former unit of Czech power utility CEZ, has over 50 MWp of solar photovoltaic parks built or under development, the owner of CEZ's remaining business in Bulgaria -- Electrohold, part of Eurohold Bulgaria [BUL:EUBG], said on Wednesday.
ESCO Bulgaria has now been formally rebranded from CEZ ESCO Bulgaria as a result of its acquisition by Bulgarian diversified group Synthetica [BUL:SYN] earlier this year, Electrohold said in a press release.
You can download the 2024 Renewable energy in Southeast Europe report here
The energy services company, which was set up by the Czech group's Bulgarian division in 2017, provides turnkey solutions for the design, development, delivery, construction and commissioning of renewable energy projects. ESCO Bulgaria has completed more than 130 projects since its inception, with 84 of them related to increasing energy efficiency. The company supports investors in renewable energy generation and businesses that aim to reduce their electricity and heat consumption costs in order to raise competitiveness.
Synthetica agreed to purchase 100% of ESCO Bulgaria's equity from Netherlands-based CEZ Bulgarian Investments in April. The transaction was completed in the first half of the current year.
Through its wholly-owned Dutch subsidiary Eastern European Electric Company, Electrohold acquired control of the business of CEZ in Bulgaria in 2021, subsequently increasing to 100% its ownership of the former power trading and electricity distribution businesses.
Synthetica owns other businesses in the hospitality, flexible packaging and medical consumables sectors.