LUKOIL CRANKS UP RENEWABLE ENERGY CAPACITIES

Thursday, February 2, 2012

LUKERG Renew and Raiffeisen Energy & Environment signed an agreement on the acquisition of a 100-percent stake in a wind farm near Dobrich, Bulgaria.

The wind farm, commissioned in 2009, has a total installed capacity of 40 MW, which constitutes 10% of Bulgaria’s wind sector.

The transaction, now being approved by Bulgaria’s antimonopoly authorities, is to be closed in the first half of this year.

LUKERG Renew is a joint venture established on a parity basis by LUKOIL Ecoenergo and ERG Renew in May of 2011 to implement renewable energy projects.