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Earlier this week, SunEdison advised that it had sold 98MW of European PV projects, including the 60MW Karadzhalovo, Bulgaria plant, which became operational in March. Today, it has been reported that Saudi Arabia-based ACWA Power advised that it had partnered with an associate of First Reserve Energy Infrastructure Fund and Clean Energy Transition Fund to buy the 60MW Bulgarian plant.
Once the transaction is completed, ACWA Power will have a 42% stake in the solar plant, which was funded with equity and debt capital. The debt was funded on a non-recourse basis by the International Finance Corporation, the US Overseas Private Investment Corporation and UniCredit. The plant will be operated by a new company formed in Bulgaria by ACWA Power’s subsidiary NOMAC.
"We are proud to enter not only our sixth international market but also our first investment in renewable energy," stated ACWA Power president and CEO Paddy Padmanathan. "Today we own majority stakes in fully operational assets in Oman and Jordan and projects under advanced development in Morocco, Turkey and South Africa in addition to our assets in Saudi Arabia. This Bulgaria PV IPP is yet another milestone in the company's history and helps to diversify the company's technology portfolio and fuel mix."