Lukoil is cutting investments in RES

Lukerg Renew’s press office has reported that the joint company is to go out of business.

Lukerg Renew was established in 2011 with the aim to raise additional investments in alternative energy sources of Bulgaria and Romania. The owners of the company were Russian company Lukoil and Italian company ERG Renew.

Company’s management team has bought a range of wild power stations in such Bulgarian cities as Varna and Dobrych over the course of its activity. They have also started building a facility in Tulcha county, which is located in the South East Romania.

As a result of the signed agreement, company’s assets will be divided among owners. Upon that, wind power station Topolog with a capacity of 84 MW located in Romania will be owned by Lukoil.  ERG Renew will get the right of ownership of Bulgarian wind power stations in Cherga (with a capacity of 40MW) and Hrabrovo (with a capacity of 14 MW), and also a wind power station located in Romatian city Gebelisis (with a capacity of 70 MW).