bgr
INVESTMENT OPPORTUNITY

PROJECT OWNER ENERGY INVEST TOGETHER WITH PROJECT DEVELOPER LONG MAN HOLDING OFFER A HIGH-GRADE INVESTMENT OPPORTUNITY IN THE BULGARIAN WIND POWER SECTOR

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Sale

WIND FARM DABRAVA 4 MW

  • Bulgaria (Village of Dabrava, Municipality of Balchik).
  • Close proximity to Port of Varna (largest in Bulgaria) and Port of Constanța (Romania; largest on Black Sea).
  • Excellent wind potential with average annual wind speed of 7.1 m/s at height of 100 m.

KEY FACTS

  • Permitted for 4 MW wind turbine generators (WTGs), hub height up to 105m; rotor diameter up to 90m.
  • All plots (for WTGs) are property of the Project Owner.

Statute

  • Spatial planning, environmental compliance, land conversion, technical designs – all done/approved.
  • Construction Permit, external and internal cable lines, switchgear- received and valid until May 2030.
  • Grid connection procedure pending on final selection of suitable WTGs.
  • Open-market-sales regime of operations only possible. No government subsidies / feed-in-tariffs available.

BUSINESS CASE

  • The financial model is developed on the basis of 2 WTG Vestss V80, 2MW, hub height 100m and rotor diameter 80m, fully refurbished WTGs for cost-efficiency purposes , with an expected annual electricity production of 9 980 MWh at P84.
  • Other configurations of WTGs are also possible if they fit into the already approved construction parameters.

KEY FORECAST FINANCIAL KPIs OF THE MODEL:

Indicator Value
CapEx (incl. acquisition of the Project) € 2.4 Million
Net Revenue (annual average for 15yr horizon) € 505 000
EBITDA (annual average for 15yr horizon) € 398 000
Internal Rate of Return (IRR) – unlevered ≈ 13.06%
Payback Period (years) ≈ 7.26

opportunity

  • The Project Owner (Energy Invest EAD) is a 100%-owned subsidiary of a private equity investment fund, which is looking to sell all of its shares due to specific investment mandate constraints.
  • The Project Developer (Long Man Holding AD) is a Bulgarian integrated wind power services supplier, which can deliver a turnkey solution for the investable business case (as described above) or full-scope assistance for any other tailor-made solution as per the requirements of the prospective final investor.
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