Yettel and CETIN Bulgaria signed a 10-year power purchase agreement (PPA) for the supply of electricity from renewable sources with Electrohold. A major part of the two companies’ consumption will be supplied by a 123 MW photovoltaic plant to be completed in the spring of 2023.
The deal is the first major step in the decarbonisation plan of Yettel Bulgaria and CETIN Bulgaria and is an important aspect of the implementation of the companies’ ESG strategy.
The CEO of CETIN Bulgaria, Petar Mudrinic, commented that this deal is a huge step towards reducing the company’s environmental footprint. The company hopes that with this project it will become a role model when it comes to doing business in a modern and sustainable way.
„The deal is one of the first in Bulgaria for a period of 10 years under freely negotiated prices and shows the beginning of a new trend in the market in line with the green transition. A team of traders, financiers, engineers, internal and external consultants have been working on the project for several months. With the assistance of the law firm Wolf Theiss, we applied best practices in the field of long-term PPAs. The contract will guarantee stable and predictable revenues for investors and lenders on the one hand, and a competitive price and fixed electricity costs for the customer on the other hand,“ said Karel Krall, CEO of Electrohold Bulgaria.
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