AES Geo Energy Project with “First Class” Investment Certificate
AES Geo Energy received a “First Class” Investment Certificate. The project for the construction of a wind energy farm is a joint initiative of AES Bulgaria and Geo Power. Yesterday at a special ceremony the Deputy Minister of Economy and Energy Valentin Ivanov handed the certificate to Peter Lithgow, Country Manager of AES in Bulgaria and to Eng. Dimitar Hristov, CEO of Geo Power.
AES Geo Energy is an investment project for generating electricity from environmentally-friendly resources, such as wind. The wind farm capacity will be up to 200 MW and will be located in the northern part of the Black Sea region, on the farmland near to the town of Kavarna.
The total investment in the wind energy project amounts to over 300 million Euro and the expected annual electricity output will exceed 450 GWh. In the operation stage more than 500 000 tons of carbon emissions will be saved annually, which will be a significant contribution to the achievement of the European Union strategic objectives for independence of energy supplies and reduction of greenhouse gas emissions by 20% before 2020.
"The development of this wind energy farm is part of the global AES strategy for development of wind energy projects in Europe and particularly at markets with expected high future growth”, said Peter Lithgow, Country Manager of AES in Bulgaria.
„We are confident that the joint activity of AES and Geo Power will meet the global trends for maximum utilization of resources provided by renewable energy sources and will place our country among the advanced countries in Europe caring for the environment”, said Eng. Dimitar Hristov, CEO of Geo Power.
AES Geo Energy has signed a preliminary agreement with the National Electricity Company for interconnection of the planned capacity and is now working on the power purchase agreement for the produced power. The company has available data on three-year measurements and analysis of the wind potential at the project site, which fully confirms the initial forecasts and guarantees the successful operation of the wind turbines. This project is supported by the Ministry of Environment and Water, by the Energy Efficiency Agency, by the municipality of Kavarna, as well as by the World Council for Renewable Energy and the World Wind Energy Association.