Bulgaria's Environment Minister Nona Karadjova has suggested that the South-Eastern European country may initiate a six-month moratorium on renewable energy products which are only in early their earliest phases.
He said: “We have had problems with the large number of wind power generators and solar power installations, not only because of the practice for them to be installed in protected areas, but also because of the large number of requests for expropriation of agricultural land.”
The reasons for the possible suspensions of these renewable energy projects in South-Eastern Europe seem to be resulting from breaches of regulations. The European Commission for the Construction of Wind Farms protected areas, known as the Natura 200. Apparently wind farm projects which have commenced for near Cape Kaliakra infringed the procedures by failing to carry out the required environmental assessments. The Agriculture Minister confirmed that he had increasingly been receiving requests for changes to land allcations with regards to renewable energy projects.
If the moratorium goes ahead, it is predicted to continue until the green energy development plan is finalised. The draft is expected to by approved by the European Commission by the middle of next year. The development plan will contain detailed evaluations of renwable energy capacity in across particular regions as well as the devlopment of electricity distribution companies, NEK power grids and environmental assessments.
This news has been met with concern in South-Easter Europe bu the Confederation of Employers and Industrialists in Bulgaria. They issued a statement which read: "Given that a significant percentage of member firms of CEIBG express their interest in the development of renewable energy sources, we fear that the envisaged moratorium will reflect in a negative way on their business."
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
Tuesday, 15 December 2009
Monday, 14 December 2009
Bulgaria may grab Czech leadership in solar energy
"To match its own wind success, Bulgaria must fix the feed-in tariff for already installed solar parks as opposed to the current system, which allows an annual 5 percent drop in prices for both old and new installations, investors and analysts say.
The previous Socialist-led government doubled the duration of guaranteed preferential power purchase prices to 25 years but the varying price in times of crisis makes investors hesitant.
"If there is a change in the law in the light of guaranteeing the price, the interest of both banks and its clients will jump," said Assen Yagodin, executive director at the Bulgarian unit of Greek EFG Eurobank.
Germany's Phoenix Solar, Italy's Petrolvilla, Austrian EVN and dozens of smaller local companies as well as from Spain, Austria and the Netherlands are among those who have already tabled projects.
Bulgaria's new cabinet, which took power in July, pledges to amend laws to boost green energy but did not give a timetable".
To read the article in full please visit Reuters - http://www.reuters.com/article/idUSTRE5AF51O20091116
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Tuesday, 8 December 2009
Bulgarian renewable incentives could result in grid blackouts
Government incentives for the production of renewable energy in Bulgaria has resulted in an onslaught of projects. Such is the overwhelming response to the incentives for biomass, wind and solar energy systems, a total of 11,000 megawatts to September, that there is a fear that the abundance of new projects could cause national grid blackouts.
The high voltage grids in Bulgaria are run by the state electricity system operator (ESO). Their chief executive, Ivan Ayolov, has given an interview in which he has stated his belief that stricter regulation should be implemented to prevent this overwhelming response. He also likened the current situation to the Klondike gold rush.
Ayoloy stated: “This has to be stopped in an intelligent way, otherwise we face a catastrophe. At this stage the grid is reliable. Its capacity (for new installations) is 1,800 MW but it is not reliable when it comes to 10,000 MW.”
Currently Bulgaria relies heavily on nuclear power and coal as its main sources of energy. This is common in former communist states. However, as a member of the European Union there is a requirement to meet EU targets regarding renewable energy. As such, Bulgaria must achieve 16-20 per cent green energy by 2020. The incentives currently offered by the Bulgarian government are driven towards these targets. The result has been a boom in wind power projects across Bulgaria and Romania while many solar projects have been developed in the Czech Republic.
Already, the difference in Bulgaria's renewable energy is tangible. In the past year, their wind energy capacity has jumped from 103 MW to 330 MW. The fear, of course, is that the grid will be unable to cope with the demands of these renewable energy systems. The north-eastern region of Varna has already been subject to a freeze on turbine connection by state power utility NEK. They have also issued warnings that power outages may occur due to the increasing numbers of wind projects.
Mr Ayolov suggested that a strategy for sustainability while the country strives to meet EU targets is necessary to work alongside the government incentives. He believes that this would lessen the strain currently being put on the power grid. A plan is expected to be submitted to Brussels by June next year which will detail regulations for connecting energy sources to the grid and applicable capacities. This is being prepared by the Economy and Energy Ministry. Another issues, of course, is that of determining which investors are serious about renewable energy production and which are merely speculators. ESO suggests tackling this by requesting that investors pay a five per cent deposit against the value of their project, to the state.
The legislation that exists places a requirement on the three power utilities in the region – Austria's EVNVI, Germany's E.ON and Czech CEZ – and also NEK to prioritise renewables when connections are made to the grid system. They are also each responsible for covering any associated costs, which apply to upgrading their grid connections when linking new capacity.
Suggestions by experts estimate a necessary 40 million levs (equivalent to $30.49 million) to connect 100 MW to the energy grid. 300-350 million levs have been invested annually by NEK for overhauls and maintenance.
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
The high voltage grids in Bulgaria are run by the state electricity system operator (ESO). Their chief executive, Ivan Ayolov, has given an interview in which he has stated his belief that stricter regulation should be implemented to prevent this overwhelming response. He also likened the current situation to the Klondike gold rush.
Ayoloy stated: “This has to be stopped in an intelligent way, otherwise we face a catastrophe. At this stage the grid is reliable. Its capacity (for new installations) is 1,800 MW but it is not reliable when it comes to 10,000 MW.”
Currently Bulgaria relies heavily on nuclear power and coal as its main sources of energy. This is common in former communist states. However, as a member of the European Union there is a requirement to meet EU targets regarding renewable energy. As such, Bulgaria must achieve 16-20 per cent green energy by 2020. The incentives currently offered by the Bulgarian government are driven towards these targets. The result has been a boom in wind power projects across Bulgaria and Romania while many solar projects have been developed in the Czech Republic.
Already, the difference in Bulgaria's renewable energy is tangible. In the past year, their wind energy capacity has jumped from 103 MW to 330 MW. The fear, of course, is that the grid will be unable to cope with the demands of these renewable energy systems. The north-eastern region of Varna has already been subject to a freeze on turbine connection by state power utility NEK. They have also issued warnings that power outages may occur due to the increasing numbers of wind projects.
Mr Ayolov suggested that a strategy for sustainability while the country strives to meet EU targets is necessary to work alongside the government incentives. He believes that this would lessen the strain currently being put on the power grid. A plan is expected to be submitted to Brussels by June next year which will detail regulations for connecting energy sources to the grid and applicable capacities. This is being prepared by the Economy and Energy Ministry. Another issues, of course, is that of determining which investors are serious about renewable energy production and which are merely speculators. ESO suggests tackling this by requesting that investors pay a five per cent deposit against the value of their project, to the state.
The legislation that exists places a requirement on the three power utilities in the region – Austria's EVNVI, Germany's E.ON and Czech CEZ – and also NEK to prioritise renewables when connections are made to the grid system. They are also each responsible for covering any associated costs, which apply to upgrading their grid connections when linking new capacity.
Suggestions by experts estimate a necessary 40 million levs (equivalent to $30.49 million) to connect 100 MW to the energy grid. 300-350 million levs have been invested annually by NEK for overhauls and maintenance.
-------------------------
Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
Thursday, 3 December 2009
Gaymers acquired
The Gaymer Cider Company has become the object of an acquisition by C&C Group who make Magners cider. This acquisition is worth £45 million to Constellation Brands, the current owners of Gaymer Cider Company. They have chosen to sell this business which produces several cider brands in the UK including Olde English, Blackthorn and, of course, Gaymers. C&C group have been successful in raising finance through a bank facility worth £60 million.
The Gaymer Cider Company currently employs 250 staff at their bases in Somerset and Bristol. In the year ending February they had generated sales of £64 million. Meanwhile, in the six months to August of this year, C&C Group who are based in Dublin reported a decrease in their Revenue of ten and a half per cent to 257.5 million Euros. Their operating profits were also down to 57.4 million Euros, a decrease of 13.6 per cent. Their existing cider, Magners, has struggled to compete against Gaymers and other ciders on the market despite a promising start in since 2005. Now this acquisition from Constellation brands is set to triple C&C Group's business valuation, since the UK cider assets of Constellation have a total business valuation of around £43.5 million.
Commenting on their corporate development, Chairman of C&C, Tony O'Brien, said: “The acquisition enhances our product portfolio, creates operating synergies and delivers value for our shareholders.”
Speaking about the acquisition, C&C chief executive John Dunsmore said: “This transaction strengthens out position within the world's largest cider market and broadens the scope of the group's existing cider offering.”
The acquisition should be completed shortly after the new year as long as the Office of Fair Trading approve the transaction.
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
The Gaymer Cider Company currently employs 250 staff at their bases in Somerset and Bristol. In the year ending February they had generated sales of £64 million. Meanwhile, in the six months to August of this year, C&C Group who are based in Dublin reported a decrease in their Revenue of ten and a half per cent to 257.5 million Euros. Their operating profits were also down to 57.4 million Euros, a decrease of 13.6 per cent. Their existing cider, Magners, has struggled to compete against Gaymers and other ciders on the market despite a promising start in since 2005. Now this acquisition from Constellation brands is set to triple C&C Group's business valuation, since the UK cider assets of Constellation have a total business valuation of around £43.5 million.
Commenting on their corporate development, Chairman of C&C, Tony O'Brien, said: “The acquisition enhances our product portfolio, creates operating synergies and delivers value for our shareholders.”
Speaking about the acquisition, C&C chief executive John Dunsmore said: “This transaction strengthens out position within the world's largest cider market and broadens the scope of the group's existing cider offering.”
The acquisition should be completed shortly after the new year as long as the Office of Fair Trading approve the transaction.
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
Thursday, 26 November 2009
Ferrero and Hershey to make joint bid for Cadbury
Back in early November, Cadbury rejected a hostile takeover bid to the tune of £9.8bn from US-based Kraft. At the time Cadbury referred to the acquisition offer as “derisory”. Now, reports suggest that Ferrero and Hershey could be gearing up to make a joint bid for the Birmingham-based confectionery brand. Ferrero, based in Italy, confirmed that such plans were only at “preliminary stages” while Hershey refused to confirm reports, stating that bidding for Cadbury was merely a possibility.
Analysts have suggested that these two confectionery brands would join forces to make a acquisition bid as neither are in a financial position to bid for Cadbury without further financial backing. It has still been suggested that Kraft would be the frontrunner for any takeover.
Charles Stanley analyst, Jeremy Batstone-Carr, commented: “Significant questions remain regarding how any deal (from Ferrero and Hershey) might be put together, not least in terms of product and/or geographical segmentation.”
He continued: “The likely complexities associated with a rival approach for Cadbury in purely practical terms leaves us strongly of the view that Kraft remains the strongest rival, but that it will need to increase its offer in order to win control.”
Cadbury is the second largest confectionery company in the world. Last year alone it produced revenues of £5.4bn. Shares in Cadbury also continue to rise amidst the takeover speculation. Ferrero, makers of Ferrero Rocher and Nutella, had revenues of 6bn Euros in 2008 while Hershey made $1.5bn (equivalent to £3bn). However, frontrunners Kraft own several food brands, including Maxwell House coffee and Philadelphia produced total revenues of $42.2bn last year alone.
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
Analysts have suggested that these two confectionery brands would join forces to make a acquisition bid as neither are in a financial position to bid for Cadbury without further financial backing. It has still been suggested that Kraft would be the frontrunner for any takeover.
Charles Stanley analyst, Jeremy Batstone-Carr, commented: “Significant questions remain regarding how any deal (from Ferrero and Hershey) might be put together, not least in terms of product and/or geographical segmentation.”
He continued: “The likely complexities associated with a rival approach for Cadbury in purely practical terms leaves us strongly of the view that Kraft remains the strongest rival, but that it will need to increase its offer in order to win control.”
Cadbury is the second largest confectionery company in the world. Last year alone it produced revenues of £5.4bn. Shares in Cadbury also continue to rise amidst the takeover speculation. Ferrero, makers of Ferrero Rocher and Nutella, had revenues of 6bn Euros in 2008 while Hershey made $1.5bn (equivalent to £3bn). However, frontrunners Kraft own several food brands, including Maxwell House coffee and Philadelphia produced total revenues of $42.2bn last year alone.
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
Wednesday, 18 November 2009
Bulgarian renewable energy sources to increase ten-fold by 2020
A new report issued by the European Wind Energy Association (EWEA) has shown that Bulgaria is emerging as one of the world's leading wind energy markets. Over the past year alone, Bulgaria has attained 330 megawatts in wind capacity which is more than double the 158 megawatts at the end of last year. The Global Wind Energy Council's Global Wind 2008 Report detailed the three-fold increase in Bulgaria's wind capacity from 2007-2008, up from 57 MW. EWEA now expects the wind capacity in Bulgaria to reach over 3,000 MW by 2020. This will equate to 13.5% of the country's projected electricity demand.
The EU mandate expects 16% of all countries' projected electricity demand to be produced by renewable energy by 2020. As it stands, this South-Eastern European country is achieving 9.4% of its electricity demand from renewables. Data gained from the U.S. Energy Information Administration evidenced that Bulgaria had a total installed capacity across all sources of 11.2 gigawatts three years ago.
If Bulgaria reaches the level of renewables predicted by the EWEA, it would be in a position to assist neighbouring countries in South Eastern Europe who are having difficulty meeting the targets by selling renewable energy to them. The Bulgarian Ministry of Energy has projected that this would result in revenue of between €7.5 billion and €10 billion over the ten year period. Bulgaria is now expected to deliver its renewable energy action plan to the EU by June of next year.
According to Christian Kjaer, Chief Executive of EWEA, Bulgaria has a further 8 GW of renewable energy projects planned. His news release read: “If current planning and grid access barriers are streamlined, Bulgaria will soon be one of Europe's wind energy front-runners.”
Enel, the largest electricity provider in Italy, bought a third of a 1.4 GW wind project based in Greece last year. As a result of this deal, Enel also had the option to be a part a wider development in neighbouring Bulgaria of 180 MW of wind energy.
Based on EWEA figures, 65 GW of installed wind capacity was installed across the EU by the end of last year. Of all renewable energy systems, wind was responsible for generating 36% of electricity. However, despite the progress which continues in Bulgaria other South-Eastern European countries are facing hurdles in their endeavours. Bordering country Romania had only installed 10 MW of wind capacity by the end of 2008 which resulted in the EWEA entering into negotiations with the Romanian government to find ways to work around these barriers.
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
The EU mandate expects 16% of all countries' projected electricity demand to be produced by renewable energy by 2020. As it stands, this South-Eastern European country is achieving 9.4% of its electricity demand from renewables. Data gained from the U.S. Energy Information Administration evidenced that Bulgaria had a total installed capacity across all sources of 11.2 gigawatts three years ago.
If Bulgaria reaches the level of renewables predicted by the EWEA, it would be in a position to assist neighbouring countries in South Eastern Europe who are having difficulty meeting the targets by selling renewable energy to them. The Bulgarian Ministry of Energy has projected that this would result in revenue of between €7.5 billion and €10 billion over the ten year period. Bulgaria is now expected to deliver its renewable energy action plan to the EU by June of next year.
According to Christian Kjaer, Chief Executive of EWEA, Bulgaria has a further 8 GW of renewable energy projects planned. His news release read: “If current planning and grid access barriers are streamlined, Bulgaria will soon be one of Europe's wind energy front-runners.”
Enel, the largest electricity provider in Italy, bought a third of a 1.4 GW wind project based in Greece last year. As a result of this deal, Enel also had the option to be a part a wider development in neighbouring Bulgaria of 180 MW of wind energy.
Based on EWEA figures, 65 GW of installed wind capacity was installed across the EU by the end of last year. Of all renewable energy systems, wind was responsible for generating 36% of electricity. However, despite the progress which continues in Bulgaria other South-Eastern European countries are facing hurdles in their endeavours. Bordering country Romania had only installed 10 MW of wind capacity by the end of 2008 which resulted in the EWEA entering into negotiations with the Romanian government to find ways to work around these barriers.
-------------------------
Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
Thursday, 12 November 2009
Innovative Strategy Consultancy Beanstalk Management Leads Breakfast Roundtable Discussion with Guidepoint Global
Beanstalk Management, the corporate advisory house, led a breakfast roundtable discussion with investment banks and hedge funds in London, hosted by Guidepoint Global. Richard Baker, Director and Co-Founder of Beanstalk Management, shared his insights into trends in the UK drinks industry. In particular, he focused on how branded beverage businesses are about growing their brands in a dynamic market place and amidst the impact of the credit crunch.
Beanstalk Management consultants have not only worked with in large consulting firms but had successful careers in industry and run their own businesses. This unique blend of experience ensures a very unique and results-orientated approach to any consulting project. For the roundtable discussion, this blend of experience allowed Richard to help attendees understand the challenges being navigated on a daily basis by branded goods suppliers.
Feedback from the event was extremely positive from both attendees and the host Guidepoint Global. Beanstalk Management looks forward to supporting similar events in the future.
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
Beanstalk Management consultants have not only worked with in large consulting firms but had successful careers in industry and run their own businesses. This unique blend of experience ensures a very unique and results-orientated approach to any consulting project. For the roundtable discussion, this blend of experience allowed Richard to help attendees understand the challenges being navigated on a daily basis by branded goods suppliers.
Feedback from the event was extremely positive from both attendees and the host Guidepoint Global. Beanstalk Management looks forward to supporting similar events in the future.
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Beanstalk Management is an innovative, expert corporate finance house specialising as a business broker.
Founded in 2005, Beanstalk are industry experts in buying and selling businesses, raising finance and strategy consulting.
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