(MENAFN) Saudi water and power developer ACWA Power International is set to take over 42 percent of a solar plant in Bulgaria, Arabian Business reported.
The plant, located in Karadzhalovo and was constructed by US-based SunEdison, is expected to produce 81,000 MWh per annum.
The company inked the deal in cooperation with an affiliate of First Reserve Energy Infrastructure Fund and Clean Energy Transition Fund, a fund managed by Crescent Capital.
The plant has been operating since March and is already supplying electricity to the Bulgarian power grid, a statement said.
Under the agreement, the plant will be operated by NOMAC, a new entity formed in Bulgaria by ACWA Power and SunEdison. Both companies will have equal shares of ownership.
Bulgaria depends on coal to generate 50 percent of its power, which in turn emits approximately 0.6 tons of CO2 per MWh of electricity produced.
ACWA Power owns majority stakes in fully operational assets in Oman and Jordan and projects under advanced development in Morocco, Turkey and South Africa in addition to its home market of Saudi Arabia.