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The transaction will finance construction of a 2 x 300 MW net lignite-fired
power plant (ME1) at Maritsa, Bulgaria. The plant will replace an existing 500
MW of older, less efficient capacity, of which 300 MW have already been phased
out and dismantled.
The project sponsor is AES Corp. AES will own the AES-3C Maritza East I EOOD,
a special purpose company established to build, own and operate the plant.
The power from the plant will be sold to NEK, the state-owned utility.
The project represents a major step for private sector participation in the
Bulgarian economy as it is one of the country’s largest foreign investment
projects to date. A strong “demonstration effect” will be provided by the
successful operation of a privatized generator in a liberalized market and the
environmental benefits of introducing improved technology that will lead to
compliance with EU environmental standards.
In addition, the investment will also contribute to the advancement of the
current restructuring of the sector. This restructuring is a condition to
Bulgaria’s EU accession by 2008.
There is a project summary document available for this project.
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