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NewsFrom Bulgaria26.08.2015 16:09 AES Galabovo Seconded ContourGlobal in Debt Payment Claim to NEK AES Galabovo said it would clear its delayed paiments towards the state-owned Maritsa East Mines, as soon as the Bulgarian power incumbent pays off its own to the power plant
The Bulgarian National Electricity Company (NEK) currently owes AES Galabovo BGN 500 million (about EUR 250 million), while the power plant operator owes the state-owned Maritsa East Mines BGN 60 million (about EUR 30 million). AES Galabovo informed that the contract for changes in its PPA with NEK has been approved by all involved institutions, including banks which funded the construction of the power plant. The plant, similarly to ContourGlobal Maritsa East 3 TPP, should see a decrease (14%) in its availability price. In return for paying its BGN0.5 billion debt, the state-owned power incumbent will spare some BGN 50 million per year, or BGN 550 million in total by 2026, when AES Galabovo’s PPA expires. “As soon as NEK pays, the power plant will pay its debts to Maritsa East Mines which currently amount to BGN 60 million”, Olivier Marquette, AES Bulgaria CEO, said, further voicing his support for the Bulgarian government’s efforts to keep foreign investments in the economy coming. The AES Galabovo plant is the first large-scale power plant built in Bulgaria in the last 20 years, and the single largest foreign investment in Bulgaria and one of the largest green field investments in South East Europe. No published comments Login to comment |
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