SOFIA, 15. 03. 2023
Yettel Bulgaria and CETIN Bulgaria have signed a 10-year power purchasing agreement for the supply of electricity from renewable sources with Elektrohold. The electricity will be provided by a 123 MW photovoltaic plant, due to be completed in the spring of 2023. The overall management of the purchase and realization of the supply will be carried out by the leading trader Elektrohold Trade. The company is part of the Electrohold Group, owned by the largest public holding in Bulgaria - Eurohold.
Yettel Bulgaria and CETIN Bulgaria, part of the PPF Telecom Group, work together on the implementation of the Group's Sustainability Strategy. In August 2022, PPF Telecom Group has publicly committed to set targets for the reduction of greenhouse gas emissions in accordance with the Science Based Targets Initiative (SBTi). At the moment, the Group is preparing a comprehensive strategy to allow the reduction of greenhouse gas emissions. The agreement between Yettel Bulgaria, CETIN Bulgaria and Electrohold Trade is the first major step in the companies' decarbonization program.
“The electricity used to cover the business needs of a company is one of the major contributors of carbon emissions in the telecom industry. Therefore, the agreement with Electrohold will bring Yettel closer to the implementation of its decarbonization plans and to having a completely green network powered by renewable sources," said Jason King, CEO of Yettel. "This deal is an extremely important aspect of the implementation of Yettel Bulgaria's ESG strategy."
"This landmark deal is an important milestone in our partnership with Electrohold and a huge step towards reducing our environmental footprint. We hope that with this project we are to become a role model when it comes to doing business in a modern and sustainable way," said Petar Mudrinich, CEO of CETIN Bulgaria.
"We would like to thank Yettel and CETIN for their trust in Electrohold. The deal is one of the first in Bulgaria for a period of 10 years at freely negotiated prices and shows the beginning of a new trend in the market in line with the green transition. A team of traders, financiers, engineers, internal and external consultants worked on the project for several months. With the assistance of the law firm Wolf Theiss, we implemented the best practices in the field of long-term PPA (power purchase agreements) contracts. The contract will guarantee stable and predictable income for investors and creditors on the one hand, and a competitive price and fixed electricity costs for the customer on the other hand," said Karel Kral, CEO of Elektrohold.
"The contract with Yettel and CETIN is part of Elektrohold's strategy for development in the field of renewable energy production management. We have developed a product specifically for industrial and corporate customers who want to be green, independent of the volatility of fuel prices and responsible to nature and society. We have the necessary material, technical and financial resources, as well as an experienced and professional team, with a focus on energy management of a portfolio of clients and RES", added Atanas Dimov, Executive Director of Electrohold Trade.
Electrohold Trade is the first licensed electricity trader in Bulgaria. From its establishment in 2005 to 2022, the company has supplied nearly 45 billion KWh of electricity to business customers. The company trades in the wholesale market, provides solutions for industrial and corporate customers and operates a leading balancing group.
Yettel Bulgaria, part of the PPF Group, is a telecommunications company providing connectivity to over 3 million users with people, devices and businesses. During its 20-year history on the Bulgarian market, the company has built a strong reputation as a pioneer in the field of wireless networks. Today, Yettel Bulgaria has more than 1,800 employees, has over 180 retail stores, and its mobile network covers over 99% of Bulgaria's population.
Corporate Communications Department
Following CETIN Group's successful formula in the Czech Republic, the innovative model was also implemented in Bulgaria, Serbia and Hungary for the first time in July 2020. CETIN Bulgaria became one of the leading providers of infrastructure-based wholesale telecommunications services and the owner of the network that won 5 consecutive Best in Test certificates from the independent infrastructure quality measurement organization umlaut.