ČEZ completes Bulgarian market exit in EUR 335 million asset sale

Czech energy provider ČEZ has successfully finished selling its Bulgarian assets which were purchased by Bulgarian corporate finance firm Eurohold for EUR 335 million, ČEZ Spokesman Ladislav Kříž said on Tuesday.

The Czech energy provider has been in the process of exiting the Bulgarian market since 2017, when it sold a coal-powered electricity plant in Varna. Since then, ČEZ has sold seven of its daughter companies in Bulgaria. According to Ladislav Kříž, ČEZ has earned over CZK 10 billion from its sales in Bulgaria, enabling the company to make an overall profit of over CZK 1 billion.

Apart from exiting Bulgaria, ČEZ says it is also suing the Bulgarian state for breaching privatisation rules and commitments that Bulgaria had made in the energy market upon accession to the EU in 2007. The case was recently registered at the International Centre for Settlement of Investment Disputes.