ContourGlobal Maritsa East 3 AD (Bulgaria)

ContourGlobal Maritsa East 3 AD, former Maritsa Iztok III, is primarily engaged in the generation of electric power. The company operates and manages the 908 MW thermal power plant Maritsa East 3, located at the Maritsa East lignite coal mining complex. The Maritsa East III Power Company was established in 1999 with the aim of operating and rehabilitating the Maritsa East III thermoelectric power plant. It was set up as a joint-venture between state-owned power utility NEC (49%) and US-based Entergy Power Development Corporation (51%). Later, Entergy raised its stake to 73% and in March 2003 sold 44% to Italy's largest power company Enel. In 2001, NEC signed the Maritsa East Three rehabilitation project and in 2003 the power plant was transferred from NEC to Maritsa East III Power Company. The EUR 600 million project to refurbish the power plant was launched in April 2003 and completed in 2009. In February 2007, Enel renamed the company to Enel Maritsa East 3. The firm operating the coal-fired thermal power plant was respectively renamed into Enel Operations Bulgaria. The move followed Enel’s acquisition of 73 pct of the two Bulgarian companies in 2006. In March 2010, Enel announced plans to sell its stake in the power plant and since June 2011 major shareholder in the company is ContourGlobal LP.