250MW! UEG Acquires Green Profit with PV Plant in Bulgaria

PVTIME – United Energy Group (UEG, 0467.HK), a leading international energy company providing oil, gas and renewable energy worldwide, recently announced that it intends to spend EUR37.5 million (approximately HK$319 million) to acquire 100% of the shares of Green Profit EOOD, thereby indirectly acquiring the building rights and easements of several parcels of land in the Haskovo region of Bulgaria, as well as the licence to develop photovoltaic power generation facilities in the region.

The target solar farm, the 250MW Poly-Sime photovoltaic project, is located in Sofia, the capital of Bulgaria. It is currently the largest single solar farm in Bulgaria and is expected to be completed and connected to the grid in mid-2026.

The Bulgarian government has increased its investment in renewable energy in recent years in order to fulfill its goal of reducing carbon emissions by 40% by 2025, and plans to double its renewable energy generation capacity by 2024, with a rapidly growing market. And Bulgaria is considered to be one of the best PV markets in the EU in the coming years, combined with well-developed infrastructure, favourable fiscal conditions, high demand for renewable energy with lower prices.

UEG, with its strength in clean energy, will not only provide strong support for the overall construction and operation of the project, but also further promote Bulgaria’s energy transition and sustainable development. In the future, UEG will keep up with the development trend of global energy innovation and transformation, and gradually develop into an international comprehensive energy company driven by two wheels, while striving to achieve carbon neutrality for its business.