China currently holds an influential position in the supply chains of rare earths needed to make green technologies. Credit: Terelyuk/Shutterstock.com.

UEG Clean Energy, a subsidiary of China’s United Energy Group, has finalised an agreement to purchase Bulgaria-based Green Profit, thereby acquiring the construction rights for a 250MW solar project in the country.

The transaction, valued at €37.5m ($40.4m), was announced in a recent stock exchange filing.

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Owned by businessman Delcho Nikolaev Pehlivanov, Green Profit holds the key to a significant photovoltaic (PV) development in the Haskovo region.

The acquisition grants UEG rights over sites between Simeonovgrad and Polyanovo, including the construction and easement rights to develop the Simeonovgrad-Polyanovo PV farm.

The Simeonovgrad-Polyanovo PV farm comprises the 70MW Simeonovgrad park and the 180MW Polyanovo park.

The deal includes rights to build the required ancillary infrastructure and grid-connection facilities.

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With the project already at a shovel-ready stage, UEG plans to commence construction upon completion and bring the solar capacity online by 2025.

Incorporated in Cyprus, UEG Clean Energy is a limited liability company. It is the holding company for the group’s renewable energy sector in Europe and is responsible for expanding solar and wind power generation businesses.

UEG’s renewable energy portfolio is expanding, with negotiations ongoing to acquire 1GW of renewable energy projects in Europe.

UEG has a history of developing wind and solar projects in Pakistan, Iraq and Egypt, and is now actively pursuing further renewable ventures in Europe.