At an official ceremony on April 9, 2003 the start of the implementation of the Maritsa East 3 Project was celebrated. The ceremony was attended by the Prime Minister of Bulgaria, the Deputy Prime Minister, ministers and ambassadors. The project involves modernization of the 4 existing power generation units of the Maritsa East 3 power plant, including an investment worth EUR 580 million. The project is recognized as the largest single investment in the country to date and a benchmark for the increasing confidence of foreign investors in the Bulgarian economy. Borislav Boyanov & Co. acts as Bulgarian counsel to ENEL S.p.A. – the principal sponsor of the project.
The ENEL Group is the largest energy group in Italy, with foremost position in electricity production, distribution and transmission of electricity. Other participants in the project are Entergy and the Bulgarian National Electricity Company. The financing of the project is provided by the EBRD, Bulbank and a consortium of major international and Bulgarian banks.