AES Subsidiary Closes Financing on 156 MW 'St. Nikola' Wind Farm at Kavarna, Bulgaria
The AES Corporation (NYSE: AES) today announced that AES Geo Energy, a majority
owned subsidiary, signed an agreement to build the largest wind farm in
Bulgaria. AES Geo Energy will construct and operate the 156 MW 'St. Nikola' wind
farm in Kavarna. A signing ceremony in Sofia to close the deal was attended by
Bulgarian Prime Minister Sergei Stanishev and Paul Hanrahan, President and Chief
Executive Officer of AES.
“The St. Nikola at Kavarna project will be the largest wind farm in Bulgaria,
and demonstrates our commitment to provide sustainable and affordable power,”
said Mr. Hanrahan.
“The St. Nikola at Kavarna project will significantly increase Bulgaria’s wind
generation capacity, and marks AES Wind’s fifth operational wind farm in
Europe,” said Marty Crotty, President, AES Wind Generation.
The wind farm will consist of 52 Vestas turbines and will be owned and operated
by AES GEO Energy, which has signed a 12-year Power Purchase Agreement (PPA)
with the National Electricity Company.
The total project cost is € 270 million, of which € 198 million was financed
through non-recourse financing. The non-recourse financing has been secured in a
consortium of lenders, led by the European Bank for Reconstruction and
Development (EBRD), International Finance Corporation (IFC) and UniCredit
Markets & Investment Banking for a 15 year term. AES had funded € 68 million for
the equity as of September 2008 and covered the balance of the € 4 million
project funding at the financial close.
AES has more than 1,000 MW of wind capacity in operation globally. In Bulgaria,
AES is currently building the Maritza East I Power Project, the largest
greenfield power sector investment to date in southeastern Europe.
The signing ceremony was also attended by the American Ambassador to Bulgaria,
Nancy McEldowney, the Minister of Environment and Water Dzhevdet Chakarov, the
Minister of Economy and Energy Peter Dimitrov, the Minister of Health Evgeni
Zhelev, the Minister of Labour Emilia Maslarova, representatives of the National
Electricity Company and representatives of the State Water and Energy Regulatory
Commission.
About AES
AES is one of the world's largest global power companies, with 2007 revenues of
$13.6 billion. With operations in 29 countries on five continents, AES's
generation and distribution facilities have the capacity to serve 100 million
people worldwide. Our 14 regulated utilities amass annual sales of approximately
76,000 GWh and our 124 generation facilities have the capacity to generate
approximately 43,000 megawatts. Our global workforce of 28,000 people is
committed to operational excellence and meeting the world's growing power needs.
To learn more about AES, please visit www.aes.com or contact AES media relations
at media@aes.com.
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