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Wed, May 22 2013
IFC, UniCredit and OPIC lend 155M euro for building of SunEdison solar power plant in Bulgaria
Photo: Reuters
IFC, a member of the World Bank Group, UniCredit Bank Austria and the Overseas Private Investment Corporation, OPIC, are lending about 155 million euro to SunEdison to finance construction of the 60,4 MWp Karadzhalovo solar power plant.
The lenders said that by doing so, they were supporting Bulgaria’s strategy to increase its renewable energy production.
IFC, OPIC and UniCredit jointly arranged financing of this project.
IFC provided 46.1 million euro and mobilised a further 41.1 million euro from UniCredit through a syndication loan, while OPIC provided a 50 million euro parallel loan.
UniCredit Bulbank acted as the Bulgarian local bank and provided a local currency VAT facility worth about 30 million euro (58.7 million leva). The value of the transaction totals the equivalent of 155 million euro.
US-based SunEdison is a leading global solar power system developer, a media statement said.
The Karadzhalovo plant is in southern Bulgaria, close Plovdiv in the municipality of Purvomai, and will be among the largest solar installations in Europe.
The new solar plant will support Bulgaria in its development of renewable energy capacity, and demonstrate the country’s ability to attract large investments. This project is being implemented in a time of considerable global economic uncertainty, the statement said.
Tomasz Telma, IFC director for Europe and Central Asia, said, "IFC’s support for renewable energy is an important part of our work to address climate change. This is our second renewable energy investment in Bulgaria, following the financing of the St. Nikola wind farm in 2008. The investment in Karadzhalovo is our largest single solar financing to date".
Gianni Franco Papa, deputy CEO and head of CEE Division at UniCredit Bank Austria, said, "We are contributing to the establishment of Karadzhalovo solar power plant by SunEdison with our comprehensive expertise in arranging complex loans. Together with SunEdison and supranational institutions IFC and OPIC, we put this flagship project in renewable energy on a financially sound and competitive foundation".
Elizabeth Littlefield, OPIC president and chief executive, said, "OPIC is partnering with IFC, SunEdison and UniCredit to support a solar solution for Bulgaria’s growing demand for energy. These types of public-private collaborations – using development finance to leverage private sector investment in state-of-the-art technologies – point the way to ever-increasing use of renewable energy sources in developing regions around the world".
The lenders said that by doing so, they were supporting Bulgaria’s strategy to increase its renewable energy production.
IFC, OPIC and UniCredit jointly arranged financing of this project.
IFC provided 46.1 million euro and mobilised a further 41.1 million euro from UniCredit through a syndication loan, while OPIC provided a 50 million euro parallel loan.
UniCredit Bulbank acted as the Bulgarian local bank and provided a local currency VAT facility worth about 30 million euro (58.7 million leva). The value of the transaction totals the equivalent of 155 million euro.
US-based SunEdison is a leading global solar power system developer, a media statement said.
The Karadzhalovo plant is in southern Bulgaria, close Plovdiv in the municipality of Purvomai, and will be among the largest solar installations in Europe.
The new solar plant will support Bulgaria in its development of renewable energy capacity, and demonstrate the country’s ability to attract large investments. This project is being implemented in a time of considerable global economic uncertainty, the statement said.
Tomasz Telma, IFC director for Europe and Central Asia, said, "IFC’s support for renewable energy is an important part of our work to address climate change. This is our second renewable energy investment in Bulgaria, following the financing of the St. Nikola wind farm in 2008. The investment in Karadzhalovo is our largest single solar financing to date".
Gianni Franco Papa, deputy CEO and head of CEE Division at UniCredit Bank Austria, said, "We are contributing to the establishment of Karadzhalovo solar power plant by SunEdison with our comprehensive expertise in arranging complex loans. Together with SunEdison and supranational institutions IFC and OPIC, we put this flagship project in renewable energy on a financially sound and competitive foundation".
Elizabeth Littlefield, OPIC president and chief executive, said, "OPIC is partnering with IFC, SunEdison and UniCredit to support a solar solution for Bulgaria’s growing demand for energy. These types of public-private collaborations – using development finance to leverage private sector investment in state-of-the-art technologies – point the way to ever-increasing use of renewable energy sources in developing regions around the world".
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Appointments
Kamenitza
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Employment Agency
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Uniqa
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Beiersdorf
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
Hewlett-Packard
Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.
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