ContourGlobal Maritsa East 3 signed a Memorandum of Understanding

ContourGlobal Maritsa East 3 signed a Memorandum of Understanding

The company signed a Memorandum of Understanding with the Ministry of Energy to explore opportunities for investment in new technologies

ContourGlobal Maritsa East 3 and the Ministry of Energy of Bulgaria signed a non-binding Memorandum of Understanding to explore investments in the Bulgarian power sector. The memorandum was signed by the Minister of Energy Alexander Nikolov and the Executive Director of ContourGlobal Maritsa East 3 Krassimir Nenov.

The company, which owns and operates the second largest lignite-fired power plant in Bulgaria and is one of the key long-term investors in the country, is committed to supporting the Bulgarian power sector with expertise, experience, technical capabilities and capital to develop new generation technologies.

ContourGlobal will explore opportunities for investment in renewable energy sources, battery energy storage systems (BESS), carbon capture and storage (CCS), cogeneration facilities and co-firing of alternative fuels aimed at achieving the European Union's climate goals.

"ContourGlobal has extensive experience in the design, construction and operation of energy projects - the company manages assets with over 6,300 megawatts of installed capacity in 20 countries. Our global team applies leading engineering and management practices in the use of conventional and innovative technologies at 138 plants on 4 continents. This is how ContourGlobal fulfills its mission - to develop, acquire and operate electricity generation businesses worldwide, providing reliable and affordable electricity for businesses and communities and stimulating economic growth and social well-being in the areas where we operate," commented Quinto Di Ferdinando, COO Thermal Division of ContourGlobal.

"With our expertise we can contribute to Bulgaria’s transition to a low-carbon economy, maintaining the stability of the electricity system and meeting the needs of business and household consumers for secure, clean and affordable power," added Krassimir Nenov.

As evidenced by events since February, the power plants in the Maritsa East complex are key for the country's energy security, and will continue to play an important role for low cost electricity and energy security. The Memorandum signed recognizes the importance of preserving the continued operation of the Maritsa East complex.

ContourGlobal Maritza East 3 is the first lignite-fired thermal power plant in Southeast Europe to operate in full compliance with the highest European standards for occupational safety and environmental protection. The plant produces an average of 10% of electricity in Bulgaria, using local energy sources and thus contributes to the energy security and independence of the country. More than BGN 1.4 billion has been invested in ensuring the reliable operation of the plant and in measures for environmental protection and labor safety. In the last 10 years alone, more than BGN 10 million have been invested in improving the life of the local community focusing on health, education, children's and youth sports by building modern and accessible infrastructure and supporting various projects of local cultural and other organizations.

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