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HSE Sells Majority Stake in Bulgarian Power Plant

Ljubljana, 23 November (STA) - Slovenia's biggest power utility HSE has sold its 51% stake in Bulgarian power plant Toplifikatsia Ruse to Russian mining and metallurgical company Mechel for EUR 52m, making Mechel the only owner of the plant, HSE said in a press release on Tuesday.

The state-owned HSE acquired a 100% stake in the Bulgarian power plant in August 2007 for EUR 85m, and then agreed four months later to sell a 49% stake to Mechel for EUR 50m.

The Slovenian company wanted to sell the entire stake then but had to wait since the Bulgarian privatisation agency did not allow the entire stake to be sold within two years.

In addition to making a EUR 17m profit out of the sale, HSE also made a EUR 2m profit from the sales of electricity produced at Toplifikatsia Ruse, HSE boss Matjaz Janezic said.

The company will stay present on the Bulgarian market through its electricity marketing subsidiary HSE Bulgaria.

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