site.btaBulgarian Energy Holding Opens EUR 650 Mln Loan Procedure

Bulgarian Energy Holding Opens EUR 650 Mln Loan Procedure

Sofia, September 4 (BTA) - The Bulgarian Energy Holding (BEH)
invited banks to an open competition for the chance to lend BEH
up to 650 million euro, Energy Minister Temenouzhka Petkova told
 journalists on Friday.

The money will be used to pay off the debt of the National
Electricity Company (NEK) to the Maritza East 1 and Maritsa East
 3 thermal power plants as part of a process of renegotiating
its long-term electricity purchase agreements with the two
US-owned plants, and also to pay liabilities to other
electricity producers and improve BEH's liquidity.

NEK owes the two plants some 900 million leva (450 million
euro), Petkova said. According to her, the procedure will take
about two months, during which time the liabilities are likely
to increase.