Kamen Briag Wind Project

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On October 5, 2009, Enel Green Power Bulgaria, a subsidiary of Enel [Italy], commenced operation of its first wind farm in Bulgaria, the Kamen Briag plant in the municipality of Kavarna. The greenfield project was developed on a build, own and operate (BOO) basis. The new wind farm consists of 7 turbines with a capacity of 3 MW each, for a total installed capacity of 21 MW. The park covers an area of approximately 70 hectares of land. With an annual production of over 56.5 million kWh, it was expected to meet the energy needs of 19,000 households. In December 2008, Enel Green Power Bulgaria signed an agreement with Global Wind Power Bulgaria, a subsidiary of Danish company Global Wind Power, to purchase the Kamen Briag project, which was at a preliminary stage of development at the time of the acquisition. There was no publicly available information on how and when the project secured financing. In the absence of such information, the project’s commercial operations date (October 2009) was used as a proxy for the financial closure date. Total investment was ESTIMATED at 21 MW x 1.8 million per mw (average for ECA)