EBRD supports italians for hydro power project in Bulgaria

EBRD supports italians for hydro power project in Bulgaria

European Bank for Reconstruction and Development (EBRD) signed on Monday, November 26 an agreement to extend 54 million EUR loan to Italian energy provider ‘Petrolvilla'.The loan will be for the finance of a hydro power project in Bulgaria, Reuters reported.‘Petrolvilla' will build a cascade of 9 hydro power plants along the Iskar river, (40 km North from Sofia), with a total installed capacity of 26 MW.The project is on the amount of 80 million EUR.The European Bank will provide 34 million EUR of the loan, syndicating up to 20 million EUR to Unicredit Bulbank, Reuters informed. The power plant is foreseen to be completed in 2011 and targets to increase the use of renewable energy.