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Bank puts biomass plant up for sale

A biomass heating plant owned by energy company BulEco Energy is to be sold.

Bulgarian bank UniCredit Bulbank repossessed the Bansko, Bulgaria-based biomass plant after BulEco Energy failed to repay its loan for the past 24 months. This has been attributed to a drop in sales due to the economic crisis.

The facility is still operational but UniCredit started accepting offers from potential buyers on 21 August. It is estimated the plant will sell for around €2.4 million ($3.2 million), all of which is due to the bank.

In 2012 BulEco Energy registered losses of BGN1.240 million (€630,000) with its volume increasing by 6.2% year-over-year.