Hong Kong’s UEG bought the project for one of the largest solar parks in Bulgaria
The company officially acquired the Haskovo-based Green Profit, which has the right to build a 250 MW solar plant
© ECONOMIC.BG / Krasimir Svrakov
~ 2 min read
Aleksandra Sotirova-Delcheva United Energy Group (UEG) has successfully completed the acquisition of 100% of the capital of the Bulgarian company Green Profit EOOD. In this way, the Hong Kong-based corporation acquires the right to build the Simeonovgrad - Polyanovo solar park, which, with its planned production capacity of 250 MW, is one of the largest solar facilities in Bulgaria.
The deal, legally consulted by the law firm Kinstellar, was finalized on November 15, 2024, although the news about it was already reported by Economic.bg back in April.
Economic.bg check in the documentation shows that the Haskovo company was acquired through UEG Clean Energy, a subsidiary of the above-mentioned holding, at a purchase price of 37.5 million euros using the group's own funds.
UEG, which is essentially a Chinese company, specializes in oil and gas exploration and production.
Through this deal, the company registered in Hong Kong will acquire, through its subsidiary, the easement right over several land properties located in the city of Haskovo. In addition, it received the right to build the Simeonovgrad solar plant with a capacity of 70 MW, as well as the Polyanovo photovoltaic plant with a capacity of 180 MW. The company also becomes the owner of the relevant auxiliary infrastructures and connecting facilities of the mentioned land properties.
UEG adds that after the deal is completed, "the group intends to start the construction of the project and put into operation the largest solar facility in Bulgaria by 2025."
Green Profit is a Haskovo-based company owned by Delcho Pehlivanov. The contract between the companies was signed on March 29, with the event attended by MP Zhecho Stankov (GERB), the executive director of the electricity system operator (ECO) Angelin Tsachev, the executive chairman of United Energy Group Yu Song and the vice president of UEG Leslie Zhang, as well as the vice president of the Italian industrial organization (Confindustria Bulgaria) and EUG engineer Plamen Dilkov.
Translated by Tzvetozar Vincent Iolov
