United Energy : UEG Signs Acquisition Agreement for Bulgaria's Largest Single Photovoltaic Project

UEG Signs Acquisition Agreement for Bulgaria's Largest Single Photovoltaic Project

On March 29th,2024, United Energy Group and Bulgarian Green Profit successfully held the signing ceremony of the equity acquisition agreement for the Poly-Sime 250MW solar photovoltaic (PV) project in Sofia, the capital of Bulgaria.

Hu Yantao (second from right), General Manager of Clean Energy Division of UEG, and Delcho Nikolaev Pehlivanov (second from left), General Manager of Green Profit Bulgaria signed the project acquisition agreement

The project, which is currently the largest single solar photovoltaic project in Bulgaria, is expected to have a total investment of nearly 300 million euros and is planned to be completed and connected to the grid for power generation in mid-2026. Representatives of the Bulgarian government, including Mr. Zhecho Stankov, Vice Chairman of the Bulgarian Parliamentary Energy Committee, and Mr. Angelin Tsachev, General Manager of the Bulgarian National Grid, were present at the ceremony. In addition, the Chinese Embassy in Bulgaria also sent relevant embassy staff to attend the signing ceremony, fully reflecting the significance of cooperation between China and Bulgaria in the field of clean energy. At the same time, the management of UEG and leaders of the clean energy sector were also present to witness this historic moment.

Group photo taken at the signing ceremony

At the signing ceremony, Zhecho Stankov, Vice Chairman of the Bulgarian Parliamentary Energy Committee, stated that the Bulgarian government would continue to support and promote the development of such major renewable energy projects, and facilitate the sustainable development of Bulgaria's energy sector with investors, including China.

Zhecho Stankov, Vice Chairman of the Energy Committee of the Bulgarian Parliament, delivered a speech on the spot

Following the commissioning of the 99MW wind power project in Jhimpir, Pakistan in 2017 and the 2.5MWp+2.5MWh Off-grid solar power project of Iraq Block-9 in 2021, this acquisition is also an important layout of UEG's clean energy segment in the European market. The Poly-Sime 250MW PV plant project is currently the largest Chinese-funded investment project between China and Bulgaria. With its strong strength in the field of clear energy, the Group will not only provide strong support for the overall construction and operation of the project, but also further promote Bulgaria's energy transformation and sustainable development. In the future, UEG will keep up with the development trend of global energy innovation and transformation, and gradually develop into an international comprehensive energy company driven by dual wheels while striving to achieve carbon neutrality for the Group's business.