Leader of Bulgaria's DPS Party Buys 70% Stake in Owner of TPP Varna

Leader of Bulgaria's DPS Party Buys 70% Stake in Owner of TPP Varna

Ahmed Dogan, leader of Bulgaria's Movement for Rights and Freedoms (DPS) party, has acquired a 70% stake in logistics company Sigda, which earlier this year bought thermal power plant (TPP) Varna, according to data from the commercial register. Sigda was previously owned by Stanislav Papazov and Ivelina Papazova, son and daughter of former transport minister Danail Papazov, commercial register data shows. Dogan has acquired a 36% stake from Stanislav Papazov and 34% shareholding from Ivelina Papazova. Stanislav Papazov keeps a 16% stake in Sigda, while Ivelina Papazova holds the remaining 14%.Sigda has a registered capital of 5,000 levs ($2,970/2,560 euro). The company acquired TPP Varna earlier this year from Czech energy group CEZ for an undisclosed price. In September last year, three of Varna TPP's six units were decommissioned, decreasing the plant's capacity to 630 MW from 1,260 MW. In May, Varna TPP won a tender for the supply of 166 MW of power capacity for cold reserve during the period May 1 - July 31, after submitting the only offer in state-owned Electricity System Operator's tender.

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