Another Successful Privatization Deal

Another Successful Privatization Deal

Поредната успешна приватизационна сделка

As a legal consultant of CEZ in the exclusively complicated deal for privatization of TEC Varna, we have the pleasure to inform that after 21 months of hard work, it is already accomplished fact.

CEZ is the new owner of all 572 821 shares. Thus the Czech company, already possessing the energy distributing companies in the capital, in Sofia-region and in Pleven, has become the only owner of the seashore termal electric station for the record privatization price of 206 003 616,23 euro.

Within this privatization project CEZ will invest  99 879 680,27 euro for 16% increase in the capital of TEC Varna. In addition to that, according to a memorandum signed between CEZ and the Ministry of economy and energy, CEZ has undertaken the obligation to invest in the next 4 years another 40 million euro in the fields of renewable energy sources, hydroelectric power stations, biomass burning and infrastructure projects.

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