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EBRD supports Italians for hydro power project in Bulgaria

European Bank for Reconstruction and Development (EBRD) signed on Monday, an agreement to extend €54 million 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. EBRD will provide €34 million of the loan, syndicating up to €20 million to Unicredit Bulbank, Reuters informed. The power plant is foreseen to be completed in 2011 and targets to increase the use of renewable energy. (