Advised an Austrian investor on the acquisition of 60.4 MW solar park in Bulgaria

Seller:	ACWA Power, BlackRock, Crescent Capital

Status:	Private

Sector:	Energy

Revenue:

Web:	www.acwapower.com

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Client: Enery Development

Enery is an Austrian independent renewable power producer jointly owned by its founders and the Austrian power producer RP Global
Prior to its entry on the Bulgarian market through this acquisition, the company has acquired 6 PV plants in the Czech Republic and 2 in Slovakia and has a long-term interest in the CEE region

The Karadzhalovo power plant is the largest photovoltaic plant located in a single location in Bulgaria; generates more than 85 GWh of energy in 2019
The O&M company servicing the solar park, NOMAC Bulgaria was also part of the transaction

The Austrian strategic investor, Enery Development, has a long-term interest in the renewable energy sector in CEE both through greenfield investments and through acquisitions
The acquisition of the largest photovoltaic plant in Bulgaria is a cornerstone plant for Enery and will be a platform for expanding their activities in Bulgaria and the region
The acquisition was performed in a competition with many local and international players and was financed through a complex structure, including refinancing of the existing bank debt

Entrea Capital provided the following services to Enery:

Support on financial analysis and preparation of a basic financial model and a NBO
Assistance in selection and coordination of due diligence providers and due diligence process coordination
Preparation of a detailed project finance model of with various sensitivities and support in the preparation of the binding bid
Assistance in SPA negotiations and transaction documents preparation
Management of the entire process, incl. support on liaising with the Seller and advisors and providing access to regulators, associations, etc.