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

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

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

Client: Enery Development
Status: Private
Sector: Energy
Revenue:
Web: www.enery.energy
Seller: ACWA Power, BlackRock, Crescent Capital
Status: Private
Sector: Energy
Revenue:
Web: www.acwapower.com

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

Target: ACWA Power CF Karad PV Park EAD

  • 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

Situation Overview & Solution

  • 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’s Role and Value Added

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.