Renewable energy producer Akuo from France has completed the acquisition of PVB Power Bulgaria, a company with five hydropower plants. The combined installed capacity is 15.5 MW.
Akuo Bulgaria now operates power plants with an installed capacity of 78 MW. The French company is very active in Southeastern Europe, with its subsidiaries Akuo Central Europe, based in Zagreb (Croatia), Akuo Energy Greece, Akuo Bulgaria, and Akuo Turkey.
“Akuo has successfully completed the acquisition of PVB Power Bulgaria, a portfolio of five operational hydroelectric plants with a total installed capacity of 15.5 MW. These assets, located on the Iskar river near Svoghe, have been operational since 2010-2013,” the company said on its website.
Akuo Bulgaria increased the capacity of its hydropower plants in Bulgaria to 78 MW.
The acquisition of the small hydropower plants allows Akuo to strengthen its hydropower division and its presence in Bulgaria, where the French group already runs four other hydropower plants.
The company noted Bulgaria has set a target of increasing the share of renewable energy in the country’s electricity production to over 30% by 2030.
Renewables are a reliable alternative for aging coal-powered power plants.
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, the company said.
Akuo Central Europe has 527 MW of renewable projects in the pipeline
Akuo’s subsidiary Akuo Central Europe, based in Croatia, currently has 181.7 MW in operation, 138 MW under construction, and 527 MW in advanced development, according to the company’s website.
Akuo developed the first wind farm in Montenegro.
Akuo Central Europe has developed Krnovo, the first wind farm in Montenegro, and now it is developing the Bašaid wind farm in Serbia. In 2019 the company inaugurated its Energostatik biomass cogeneration plant in Croatia.
Akuo operates solar, biomass, hydropower, and wind power plants with installed capacity of 1.3 GW throughout the world. It has projects in the pipeline with a planned capacity of 5 GW in total.