Lukoil is taking over the two wind farms

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17 April 2012

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Russian oil multinational Lukoil enters Bulgarian wind power market. The Russian oil multinational is expanding its activities in the field of renewable energies in Bulgaria.

Its joint venture company Lukerg Renew, set up in June 2011 together with the Italian ERG Group, is taking over the two wind farms Kavarna East and Kavarna West from the Austrian company Raiffeisen Energy & Environment (REE) for € 52 million. Since 2009, their 20 wind turbines with a total capacity of 40 MW have been in operation in the windy northeast region of Dobrudscha, in which most of the country’s wind power projects are concentrated.

The deal, which still has to be looked at by the Bulgarian Monopolies Commission, is to be “the start of a long-term cooperation”, says REE in a press release. For ERG Renew, which operates 20 wind farms in Italy and France with a total capacity of 564 MW, it is their entry into the East European market for renewable energies. Lukoil-Ecoenergo, on the other hand, is already developing a PV plant with a capacity of 1.25 MW near the South Bulgarian Black Sea port of Bourgas. Apart from in Bulgaria, Lukoil Renew also wishes to be active in Rumania, Ukraine and Russia in the future through the own-development and taking over of wind farm and solar power projects.

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