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Lukoil Completes 52 Million-Euro Bulgarian Wind Farm Purchase

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June 29 (Bloomberg) -- LUKERG Renew, a joint venture between Italy’s ERG SpA and Russia’s OAO Lukoil, completed a 52 million-euro ($65.4 million) acquisition of a 40-megawatt wind farm near the city of Dobrich in northern Bulgaria, the Moscow-based company said in an e-mail today.

LUKERG Renew controls some 10 percent of the Bulgarian wind market after the buying the wind park, which was built in 2009, it said. Lukoil also owns Bulgaria’s biggest refinery Lukoil Neftochim Burgas.

Bulgaria aims to meet its European Union target of raising the share of renewable energy in final consumption to 16 percent in 2020 from 12 percent now. The target share of electricity produced by wind and solar parks, hydro- and geothermal power plants is 21 percent by 2020 from 16 percent now, according to the Energy and Economy Ministry.

Link to Company News:{ERG IM <Equity> CN <GO>} Link to Company News:{LKOH RU <Equity> CN <GO>}

To contact the editor responsible for this story: Elizabeth Konstantinova at ekonstantino@bloomberg.net

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