CETIN Bulgaria network goes green: Energy will be sourced from renewable sources

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 123MW 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 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 Elektrohold Trade is the first major step in the companies' decarbonization program.

What do those who know say about scheme?

„The electricity used to cover the business needs of a company is one of the major contributors to carbon emissions in the telecom industry. Therefore, the agreement with Electrohold will bring Yettel closer to the implementation of its decarbonization plans and to have 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, and 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 Electrohold.

„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 Elektrohold Trade.