Press Release

Clean Energy Transition Fund Exits Bulgarian Solar Investment

On September 10, 2020, the Clean Energy Transition Fund, a regional fund focusing on renewable energy, has successfully exited from its investment in the 60 MW solar plant in Karadzhalovo, Bulgaria (“Karad”). The Karad plant was sold to Enery, the largest Austrian operator of photovoltaic solar projects.
Clean Energy Transition Fund

At the time of construction, Karad was a landmark project, being the largest solar project in Bulgaria and the third largest in Europe.  The consortium of investors behind the project comprised Crescent Capital’s Clean Energy Transition Fund, Acwa Power and Water, the largest independent power producer in the Middle East, and BlackRock’s Global Energy & Power Infrastructure Fund.

Discussing the transaction, Richard Roberts, Executive Director of Karad and Director for Crescent Capital said, “After 8 years of successful operations, we are now completing our exit from this landmark investment.  This is a project I am proud to be associated with as the plant has consistently outperformed initial production estimates made at the time of investment.  It is a testament to the quality of the installation, as well as the management team overseeing the asset.”

Crescent Capital’s founder, Aygen Yayikoglu stated, “At a time when energy transition, climate change, and impact investments have assumed a much more important role for the investor community, we are proud to be one of the first movers in this space in our part of the world for almost a decade.  Karad was a landmark project for renewable investors in emerging markets and we are proud of our key role and constructive relationships with our partners BlackRock and Acwa Power.  We are also grateful for the support of IFIs and DFIs that played a key role in this project both as investors and lenders.”

Karad has been operational since 2012, producing over 80,000 MWh of carbon neutral energy per year, enough to provide energy for over 22,000 households while employing 27 people directly and indirectly.