PVB Power Bulgaria to build seven hydel plants in Romania
The Bulgarian unit of Italy-based company PVB Power said it would invest Eur 250 million in the construction of seven small-scale hydropower plants in Romania. The company has obtained seven water use permits to build the facilities, which are expected to have a combined electricity output of 260 million KWh a year. PVB Power Bulgaria is controlled by Italian companies Finest, PVB Group (Petrolvilla) and two of the largest utility companies in northern Italy, Dolomiti Energia and Azienda Energetica SpA Etschwerke AD.
The consolidated capital of PVB Power Bulgaria’s shareholders amounts to more than one billion euro, while its long-term assets are estimated at Eur 2.3 billion. The shareholders control 43 hydropower plants with an installed capacity of a total 1.84 MW and an annual output of 4.507 GWh. In Bulgaria, PVB Power has so far invested Eur 115 million in the construction of nine hydropower plants along the Iskur river through its subsidiary VETS Svoge. The company plans to pour a further Eur 110 million into the development of five hydropower units along the Maritsa river via another division, VETS Maritsa.