– UEG Clean Energy finalizes agreement to purchase Green Profit, acquiring construction rights for a 250MW solar project in Bulgaria.
– The project includes the development of the Simeonovgrad-Polyanovo PV farm, comprising the 70MW Simeonovgrad park and the 180MW Polyanovo park.
– UEG plans to bring the solar capacity online by 2025 and is actively pursuing further renewable ventures in Europe.
UEG Clean Energy, a subsidiary of China’s United Energy Group, has completed the acquisition of Bulgaria-based Green Profit, gaining construction rights for a 250MW solar project. This €37.5m deal includes the development rights for a significant photovoltaic project in the Haskovo region. The acquired company holds rights over sites between Simeonovgrad and Polyanovo, where the Simeonovgrad-Polyanovo PV farm will be constructed, consisting of two parks totaling 250MW. Ancillary infrastructure and grid connection facilities are also part of the agreement.
With the project already in a shovel-ready state, UEG plans to start construction soon to bring the solar capacity online by 2025. UEG Clean Energy, incorporated in Cyprus, is responsible for UEG’s renewable energy sector in Europe, aiming to expand solar and wind power generation businesses. The company is actively growing its renewable energy portfolio in Europe and is in negotiations for 1GW of projects. Known for its projects in Pakistan, Iraq, and Egypt, UEG is now focusing on renewable ventures in Europe. The company’s efforts underscore its commitment to sustainable energy development and global expansion in the renewables sector.