Maritsa East 3

ContourGlobal is advancing its ambition to become a predominantly renewable power producer by 2030, with the transformation of the Maritsa East 3 (ME3) TPP as a key element of this strategy. Units 1 and 2 are being repurposed for renewable power generation and storage projects, leveraging existing infrastructure to support Bulgaria’s energy transition. The company aims to achieve 300 MW of renewable capacity by 2025 and 404 MW by 2027. While the development of the repurposing of unit 1 and unit 2 goes on, units 3 and 4 will be available for commercial operation during the winter months starting January 2025 as requested by the Minister of Energy of Bulgaria to avoid risk of supply/demand mismatch that could lead to black-outs in the region. We have also entered negotiations with the government of Bulgaria to determine the future of these two-remaining coal-based generating units in Maritsa.

Thermal

Coal Fired

Bulgaria

454 MW

From Coal to Renewables

Maritsa East 3, historically a lignite-fired coal plant with four units of 227 MW gross capacity each, played a key role in Bulgaria’s energy landscape, supplying power domestically and exporting to neighbouring countries. ContourGlobal holds a 73% ownership stake in the facility, with the Bulgarian National Electric Company (NEK) as the 27% minority shareholder.

Following the expiration of its long-term power purchase agreement (PPA) with NEK in February 2024, coal operations at ME3 were significantly reduced and long-term market signals did not support continuous operation.

In alignment with Bulgaria’s sustainable energy objectives, ContourGlobal formally agreed with NEK to repurpose Units 1 and 2 for renewable energy projects. The transition includes significant investments in:

Constructing an 83 MW solar PV plant coupled with 25 MW of battery energy storage (BESS), supported by a grant
Constructing an additional large scale stand-alone BESS project under the Bulgarian Government’s RESTORE program.
Exploring an additional 120 MW of solar PV capacity at the ME3 site to complement the planned 80 MW project and make full use of the interconnection capacity.

The Bulgarian Transmission System Operator has approved the repurposing of ME3’s grid interconnection for Units 1 and 2, enabling the first phase of renewable development. By 2025, the site is expected to achieve 300 MW of renewable capacity, growing to 404 MW by 2027.

Ensuring Energy Security

Units 3 and 4 will be available for commercial operation during the winter months starting January 2025 as requested by the Minister of Energy of Bulgaria to avoid risk of supply/demand mismatch that could lead to black-outs in the region. We have also entered negotiations with the government of Bulgaria to determine the future of these two-remaining coal-based generating units in Maritsa. Depending on the outcome of such negotiations, after the first development phase, we may enter into a second phase of renewable development for the remaining 2 units.

As a long-term investor, ContourGlobal remains dedicated to delivering clean, affordable, and reliable energy. Through Maritsa East 3’s transition to reneweables and storage, the company continues to support Bulgaria’s energy independence while contributing to its sustainable development and regional energy transformation.

How we work with our neighbors in Bulgaria:

In partnership with the municipal authorities, we are supporting services throughout the community. Projects and services include:
Local disabled people group
Youth sports clubs
Mentally disabled service
Foster care
Local cultural house