Bulgaria’s competition authority has opened an in-depth investigation into Nomad Capital Group’s planned acquisition of the inactive Maritsa East 3 coal-fired power plant and ContourGlobal Operations Bulgaria.
The review will examine the proposed ownership structure, transaction financing and the planned reorganisation of assets before completion.
Nomad Capital Group is seeking majority stakes and sole control of the two businesses, while state-owned National Electricity Company, or NEK, would remain a shareholder.
The transaction has been complicated by plans to separate a solar power plant and battery storage facility from the acquired business. Those assets are expected to be transferred to a newly created joint-stock company before the deal closes.
Energy regulators will assess whether the restructuring changes the effective scope of the transaction and which generation, storage and commercial activities should be included in the competition review.
The investigation will also examine the companies and individuals behind Nomad Capital Group and any links to other businesses operating in Bulgaria’s energy sector.
Nomad is already active in liberalised wholesale electricity trading. Control of a large thermal generation asset could therefore create horizontal overlap in electricity trading and vertical links between generation and downstream sales.
Maritsa East 3 is currently inactive, but its ownership remains strategically important. Any potential return of capacity would affect Bulgaria’s generation balance, coal-sector restructuring and regional power trading.
The deeper review leaves the transaction facing a longer regulatory process. The central question is no longer only who buys the plant, but which assets are included and how control of generation, storage and trading activities would be combined.
