Akuo, an independent renewable energy power producer and developer, announces that it has completed the acquisition of five small hydroelectric plants in Bulgaria with total installed capacity of 15.5 MW.
Akuo purchased the plants, on the Iskar River near Svoghe, from PVB Power Bulgaria. These assets, whose names were not disclosed, have been operational since 2010 to 2013.
This acquisition allows Akuo to strengthen its hydroelectricity division and its presence in Bulgaria, where the French group already runs four other hydropower stations with installed capacity of 63 MW. Akuo said the local and renewable energy produced by these plants represents the equivalent of 35,000 metric tons of CO2 avoided and will cover the electricity consumption of more than 20,000 Bulgarian homes.
This external growth operation also allows Akuo to integrate a team of 12 engineers and technicians specialized in running and maintaining hydroelectric plants, but also to strengthen its asset management teams, according to a press release. Lastly, it also reflects Akuo’s intention of accelerating its active role on the deregulated energy market over the coming years.
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 2.6 GW increase in renewable electricity capacity, to almost 7 GW by that year. Bulgaria has a substantial reservoir of renewable energy resources, a well-interconnected electricity grid, but also aging coal-powered stations for which renewable energy combined with storing solutions offers an economical and reliable alternative, Akuo said.
“With our expertise in running and maintaining hydroelectric assets and selling electricity on the Bulgarian market since 2018, this latest acquisition further strengthens our hydroelectric activity both locally and at Group level. This operation consolidates our presence in the region on all of our technologies but also in products and services,” said Eric Scotto, chairman and co-founder of Akuo.
Akuo works in project development, financing, construction and operation. As of the end of 2020, Akuo had invested more than €2.6 billion for a current total capacity of 1.3 GW in operation or under construction and had over 5 GW of projects under development.