The Corporate Finance Advisory units of UniCredit in Bulgaria, Vienna and Italy have advised Alpiq - one of the key clients for the Group on a successful transaction in the field of renewable energy resources with Alpiq.

The transaction entails the sale of the second largest wind park in Bulgaria, Vetrocom, to the Austrian company Renalfa IPP. With a capacity of 72.5 megawatts (MW), the wind farm, which is wholly owned by Alpiq, generates yearly an average of 135 gigawatt hours (GWh) of climate-friendly electricity. Renalfa IPP is a joint venture between the French investment fund company RGREEN INVEST and the Vienna-based Renalfa Solarpro Group. The latter is also taking over Alpiq Wind Services, which specialises in the operation and maintenance of wind turbines, as well as Alpiq Energia Bulgaria’s trading business. Alpiq is a leading Swiss energy group with a vast experience in the provision of energy services and a diverse portfolio of power generation assets in Europe.

Renalfa IPP is one of the leading investors and developers in East Europe with more than 450 MW operational assets or projects in active construction and more than 1 GW projects in late stage development. The company is active in Poland, Hungary, Romania, Bulgaria and Northern Macedonia.

At UniCredit, we are focused on delivering a positive and sustainable transition to green energy which does as little harm to the planet and its people as possible. 

With a clear multi-stakeholder approach, we have been making strides to integrate all ESG factors into the bank’s governance, business, risk and credit management, metrics and operations.

Quote from Borislav Bangeev

“UniCredit successfully advised Alpiq on this landmark transaction in Bulgaria. Alpiq was focused on the production of clean wind energy in Bulgaria with significant environmental impact. The ESG business is extremely important to us and we are committed to reach the Net Zero goal on financed emissions by 2050. We recently published our targets on the first carbon intensive sectors, as Oil & Gas, Power Generation and Automotive and one of the important pillars of this strategy is support to clients in the development and scaling up of innovative climate solutions”, commented Borislav Bangeev, Head of Corporate Banking and Member of the Management Board of UniCredit Bulbank.

Quote from Georgi Tsonev

“The significant volatility on the energy markets combined with changes in the local energy legislation represented the main challenges to our team on this transaction. Ultimately, the open communication and expert advices contributed to the investors’ comfort”, shared Georgi Tsonev, Head of Corporate Finance Advisory of UniCredit Bulbank.

UniCredit conducted a wide and competitive auction for the sale of Alpiq assets, drawing strong interest from both strategic and financial players. Despite the challenging macroeconomic and regulatory environment, the transaction was successfully signed in the beginning of the year, and it is expected to close in the course of 2023, subject to the usual closing conditions, in particular to the approval of the competition authorities.

This transaction ranks among the largest M&A deals in the Bulgarian wind energy sector in 2023 and represents a relevant step for Alpiq Group’s strategy. Such a deal confirms UniCredit’s leadership in the Energy & Infrastructure sector and its proven expertise in the renewable energy sector.

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Additional media information:

Ekaterina Ancheva, tel +359 894 518 193 , flbufsjob/bodifwbAvojdsfejuhspvq/ch

Darina Radoslavova, tel +359 887 505273, Ebsjob/SbeptmbwpwbAVojDsfejuHspvq/CH