Electra earmarks EUR 650mn for renewable energy in Bulgaria by 2012.

By bne IntelliNews December 21, 2009
Spains energy holding Electra has earmarked a total of EUR 650mn for the development and the acquisition of renewable energy projects in the country by 2012. The company is targeting mainly wind-energy projects. A total of 700 new jobs will be opened. So far Electra has bought wind parks with total capacity of 480 MW in southern Bulgaria , a 10 MW unit for electricity production from biomass in the central part of the country, a biodiesel production factory with annual capacity of 30,000 tons near the northern Danube city of Vidin . It plans to place its equity in local energy projects on the bourse in Spain by end-2010 and to invest all raised funds from the IPO in Bulgaria . Electra plans to develop the wind-energy projects in the country in strategic cooperation with another company. The launching of the energy producing units of Electra is to take place in 2012-2013. Electra approves of the intention of the government to impose a temporary 6-month moratorium on projects for renewable energy until the national plan for their development until 2020 and its environment assessment are drafted. We remind that the local chamber of the photovoltaic energy producers has estimated potential losses in the tune of EUR 1bn if the discussed moratorium on renewable energy projects is approved.

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