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Capcora Advises Chint Green Energy on Forward Sale of a 88 MWp Solar PV Project in Bulgaria to PPC Group
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Astronergy Solar Netherlands B.V., a wholly owned subsidiary of Chint Green Energy which is a clean energy solution provider devoted in the renewable energy project’s development, construction, operation, and services has entered into a forward COD sale agreement with Greek PPC Group (“PPC”). As part of this transaction, PPC Bulgaria EAD, a subsidiary of PPC, will acquire, after the completion of the project, 100% of the shares in the project company responsible for developing the 87.9 MWp Karlovo solar PV project in Bulgaria. Another subsidiary of Chint Green Energy will serve as the EPC contractor and oversee the construction of the project. Capcora acted as the exclusive financial advisor to Chint Green Energyfor this transaction.
The project, which is one of the largest projects in Bulgaria, located near Vedrave village in Karlovo Municipality, Plovdiv District, will have an installed capacity of 87.9 MWp (DC) and 70 MW (AC). It comprises a photovoltaic power plant, a new substation to be built on-site, an external power cable, and required grid connection facilities, including the reconstruction and expansion of the ESO substation.
The transaction is structured as a forward sale agreement with an EPC arrangement in place, and both parties have agreed to keep the purchase price confidential. This agreement aligns with both parties’ strategies to accelerate renewable energy deployment in Southeast Europe.
“With an installed capacity of 88 megawatts, this project represents a meaningful stride in the decarbonization and modernization of Bulgaria’s energy landscape. As both the developer and EPC contractor, we are proud to deliver a fully de-risked asset – and even prouder to entrust it to a respected industry leader like PPC.”, said Dr. Lu Chuna CEO of Chint Green Energy.
PPC Bulgaria is part of PPC Group, the largest electricity producer and supplier in Greece, with expanding operations in Romania and Southeastern Europe. With a diversified generation portfolio of approximately 12.4 GW and a growing renewable capacity reaching 6.2 GW as of March 2025, PPC continues to play a pivotal role in the regional energy transition. The company only recently announced the commencement of the construction of a 165 MWp solar project including a battery energy storage system (BESS) in the country.
“We are thrilled to have assisted Chint Green Energy in the successful sale of this landmark solar PV project in Bulgaria to PPC. This transaction is particularly notable in today’s market, where projects are often sold at pre-RTB stages. In this case, a strong focus on de-risking through the transaction structure played a crucial role – especially in a market like Bulgaria, which is still in the early stages of its renewable energy build-out.”, said Jochen Magerfleisch, Managing Partner at Capcora.
Chint Green Energy was supported by CMS and Mr. Dimitar Dimitrov on the legal side, with Capcora as their M&A advisor.
About Chint Green Energy
Established as a subsidiary of CHINT Group in 2009, with registered capital of RMB9.38 billion, CHINT GREEN ENERGY is a clean energy solution provider devoted in the renewable energy project’s development, construction, operation, and services. The expertise and proficiency in realms such as design, procurement, construction, test and O&M have made CHINT GREEN ENERGY a versatile PV and wind power EPC contractor and One-Stop Solution Provider in all terrain types. Up to now, CHINT GREEN ENERGY has delivered up to 16GW solar and wind power projects globally, occupying the front rank among competitors in China. With more than 40 years’ unremitting efforts of CHINT Group in the power energy sector as strong support and taking full advantages of the entire electrical industry chain, CHINT GREEN ENERGY has emerged as an important influencer in the renewable energy with leading edge in both system integration and technology integration in the industry.
About PPC Group
Public Power Corporation S.A. is the largest electricity producer and supplier in Greece and a leading player in the Southeastern European energy market. Through its renewables arm, PPC Renewables, the Group manages a growing portfolio of clean energy assets across the region. According to its three-year strategic plan, in the period 2025-2027, the PPC Group will develop an additional 5.6 GW of RES in Greece and the wider region of Southeastern Europe, with the aim of increasing its installed capacity from RES to 11.8 GW by 2027. PPC Bulgaria EAD is the Group’s Bulgarian subsidiary, focused on expanding the Group’s green energy initiatives in the local market.
About Capcora
Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.
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