TPP Varna – sale of 100% stake to CEZ (2006)

The sale of TPP Varna (1,260MW) is the second stage of the privatization process in the Bulgarian energy sector after the sale of the seven regional EDCs. The process started in 2004, binding offers were submitted by RAO EES, CEZ, PPC and Enel.

Bulbrokers Consulting acted as a subcontractor to the sell-side advisor Credit Suisse. The project included conducting of three parallel bidding procedures for TPPs in Varna,  Bobov Dol and Russe.

Bulbrokers Consulting participated actively in the elaboration of the privatization strategy, in the preparation and execution of the procedure and assisted the due diligence process.

The transaction for TPP Varna was finalized in 2006. The buyer CEZ paid EUR 206mn for 100% of the shares and executed a capital increase by around EUR 100mn. In addition, CEZ undertook to invest EUR 40mn in energy projects in Bulgaria.