Банкеръ Weekly

Briefs

FUAT GYUVEN ACQUIRES THREE MORE HYDROELECTRIC PLANTS

The Turkish businessman Fuat Gyuven added three more hydroelectric power plants to his commercial empire. On May 18, his company Trakiya - 97 won the open tenders organized by the Privatisation Agency (PA) for the sale of the Rossitsa 2, Rossitsa 3 and Chiprovtsi plants.The total amount he will pay for the first two of them is BGN3.76MN. Initially, the agency announced a tender price amounting to BGN2.16MN and a bid rate of BGN100,000. There was furious competition for the two power plants. There were just two other candidates - the Bulgarian Energo - Pro and the German PCC. After the bidding, Trakiya - 97's offer appeared the winning. The assets of Rossitsa 2 include a ground of 17,808 sq m, over 29,000 sq m of land in the villages of Rossitsa and Byala Cherkva, a block of flats and a two-floor building. The property owned by Rossitsa 3 looks quite attractive, too. It includes a 19,000 sq m ground as well as 22,000 sq m of land in the village of Mihaltsi. The two plants have a total capacity of 3,280 kilowatts and according to the PA produced 11.3 and 0.73 million kwh of electricity respectively in 2003.The tender for Chiprovtsi hydroelectric power plant turned out successful for Fuat Gyuven, too. The competition was strong again as eight companies acquired documents for participation. Two of them - the Vratsa-based Hydroelectric Power Plant - Engineering and the Turkish Frezya basim yayin ambalaj tekstil gida kozmetik otomotiv ticaret emsilcilik imalat limited sirketi, were not allowed to take part because of incomplete documentation. Apart from Trakiya - 97, the bidding also involved Vectra taxi - Tsvetelina Dimitrova - Vratsa, Interstroy - Kaleto - Mezdra, Elpida - Petrich, Lemi - Trafo - Pernik, and Prestij 97 - Veliko Tarnovo.Gyuven's company coped with its competitors by offering to pay BGN1.6MN. The initial price amounted to BGN500,000 and the bid rate - to BGN50,000. The plant capacity is 0.825 megawatts and last year it produced more than 2.1 million kwh of electricity. The plant was put in exploitation in 1957, but its machines and equipment are in relative good technical condition. Only one of its turbines is not working and needs urgent repair.This is not the first time that the Turkish businessman is interested in Bulgarian hydroelectric power plants. In May 2004, through his Sofia-based company Eleforce Mr. Gyuven won an open tender for the Batoshevo cascade by offering to pay BGN6.1MN (after an initial price of BGN1.5MN). Through Style 93 he also acquired several smaller hydroelectric power plants. At the end of last year he paid BGN900,000 and acquired Radomirtsi hydroelectric power plant. In the spring of 2003, Style 93 won an open tender for the Lovech plant (with an offer amounting to BGN660,000) and the Kamen Rid plant (BGN4.2MN).

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