United Energy : UEG Signs Acquisition Agreement for Bulgaria's Largest Single Photovoltaic Project

United Energy Group (UEG), an international energy company, announced on March 29, 2024, that it had signed an equity acquisition agreement for Bulgaria's largest single photovoltaic project, named Poly-Sime, with Bulgarian Green Profit. The signing ceremony took place in Sofia, the capital city of Bulgaria.

The Poly-Sime solar photovoltaic project is significant as it is the largest of its kind in Bulgaria, with a capacity of 250 Megawatts (MW). The project is expected to contribute significantly to the country's renewable energy sector and reduce its carbon footprint.

Bulgarian Green Profit is a local renewable energy developer, and the acquisition by UEG marks a strategic move by the international energy company to expand its presence in the European renewable energy market. The acquisition is subject to regulatory approvals and customary closing conditions.

The Poly-Sime project is located in the southeastern part of Bulgaria, in the Yambol region, and is expected to generate approximately 1,000 Gigawatt-hours (GWh) of clean energy annually, enough to power around 200,000 households. The project is expected to be operational by the end of 2025.

UEG has been actively expanding its renewable energy portfolio in recent years, with a focus on solar and wind energy projects in Europe and Asia. The acquisition of the Poly-Sime project is in line with the company's strategy to increase its renewable energy capacity and reduce its carbon footprint.

The renewable energy sector is becoming increasingly important in Europe, with many countries setting ambitious targets to reduce their carbon emissions and increase their reliance on renewable energy sources. The European Union has set a target of achieving a 40% reduction in greenhouse gas emissions by 2030, compared to 1990 levels, and a 55% reduction by 2030 under the European Green Deal.

The acquisition of the Poly-Sime project is expected to contribute to UEG's growth and its commitment to a sustainable future. The project is also expected to create jobs and stimulate economic activity in the region where it is located.

In conclusion, the signing of the equity acquisition agreement between United Energy Group and Bulgarian Green Profit for the Poly-Sime solar photovoltaic project is a significant development in the renewable energy sector in Bulgaria and Europe as a whole. The project is the largest of its kind in Bulgaria and is expected to contribute significantly to the country's renewable energy sector and reduce its carbon footprint. The acquisition is also in line with UEG's strategy to expand its presence in the European renewable energy market and increase its renewable energy capacity.