March 26 (Bloomberg) -- Bulgaria’s antitrust regulator cleared the acquisition of three wind parks by LUKERG Renew, a joint venture between Italy’s ERG SpA and OAO Lukoil.
The Vienna-based company will gain control of Wind Park Kavarna West, Wind Park Kavarna East and K&S Energy, the Commission for the Protection of Competition in Sofia said on its website today.
The wind parks, located off the Black Sea coast in northeastern Bulgaria, won’t hinder competition as their combined share of installed capacity and power generated in 2010 is “significantly less” than 5 percent, the regulator said. The value of the transaction was not disclosed.
Bulgaria aims to meet its European Union target of raising the share of renewable energy in final consumption to 16 percent in 2020 from 11 percent in 2010. The target share of electricity produced by wind and solar parks, hydro- and geothermal power plants is 21 percent by 2020 from 15 percent in 2010, according to the Energy and Economy Ministry.
About 450 million euros ($599 million) have been invested in Bulgarian wind parks by international investors including Enel Green Power SpA, a unit of Italy’s biggest utility, AES Geo Energy, a unit of U.S. power utility AES Corp., and a unit of German wind turbine maker Enercon GmbH, according to the Bulgarian Wind Energy Association.
Russia’s Lukoil controls Bulgaria’s biggest refinery Lukoil Neftochim Burgas.
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