Austria's Verbund to Sell Its Wind Farm in Bulgaria

Austrian energy concern Verbund is selling its wind park at Bulgaria's Black Sea coast, the concern said in a statement Thursday.

A subsidiary of the Bulgarian financial company called Inovent Holding AD is to purchase the wind turbines.

The park's turbines have a total power of about 16 MW, producing electricity for 14 000 households.

Both companies have agreed to remain silent about the price tag.

Their transaction is expected to be closed by the end of this year.

Verbund is thus pulling out of the Bulgarian market after opting to leave those of Italy and France.

The company said in it statement its moves are part of a shift in strategy to focus on Austria and Germany, its core markets.

At the same time the company has long considered its business in Bulgaria and Romania unprofitable due to low whosale prices of energy sunk to EUR 7.2 M in Q3, from the previous EUR 62.4 M.