Independent renewable energy developer Akuo has announced it is expanding its hydro presence in Bulgaria through the acquisition of PVB Power Bulgaria.
The deal covers a portfolio of five operational hydroelectric plants with a total installed capacity of 15.5MW. These assets, located on the Iskar river near Svoghe, have been operational since 2010-2013.
The acquisition of these small hydroelectric power plants allows Akuo to strengthen its hydroelectricity division and its presence in Bulgaria, where the French group already runs four other hydropower stations with an installed capacity of 63MW. Akuo will integrate a team of 12 engineers and technicians specialized in the running and maintenance of hydroelectric plants, and also strengthen its asset management teams.
Bulgaria has set a target of increasing the share of renewable energy in the country’s electricity production to over 30% by 2030. This target includes a 2.6GW increase in the renewable electricity capacity to almost 7GW by that year. Bulgaria has a substantial reservoir of renewable energy resources, a well interconnected electricity grid, but also aging coal-powered power stations for which renewable energy combined with storing solutions offer an economical and reliable alternative.