Expected return of investment on annual basis for the
period of Fund’s existence – 45.69%
Bulgarian Green Investment Fund
______________________________________________________________________
Presented by Pierre Pienaar
Xcellence Wealth Creator
http://www.linkedin.com/in/xcelwealth
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Dear Green Investor,
As an International Trader, Marketer, Business/Financial
Consultant & International Investor Sourcing Consultant, for more
than 10 years, I assist individuals & companies worldwide to
develop their fullest potential.
I have been contracted to communicate with potential Social-
conscious Investors to get them interested in the benefits of
Bulgarian Green Investment Fund.
Germany is the solar capital of the world. Over half of all global solar
energy is produced in Germany. Led by powerful government initiatives such as
the feed-in tariff program,
China is a world leader in the manufacturing of solar photovoltaic
technology, with its six biggest solar companies having a combined value of
more than $15 billion. China has incredible potential when it comes to
cleantech.
Therefore, you should really look into the possibility to diverse your
Portfolio with an Investment in solar Renewable Energy Fund.
It’s a great opportunity to help the world getting cleaner, and also invest
in an emerging country, by helping local communities to better their lives.
Expected return of investment on annual basis for the period of
Fund’s existence – 45.69%
 The Bulgarian Green Investment Fund will be invested in:
1. Development of projects for photovoltaic power plants;
2. Equity participation in photovoltaic power plants;
3. Exit of the investment through sale of the assets or listing
on
Stock Exchange Market in EU country
4. Time frame for capital raising – May - November 2009
5. Period of existence of the Fund – 3 years
 MAIN CHARACTERISTICS OF BULGARIAN GREEN INVESTMENT FUND AD
(BGIF)
Target of the Fund is structuring and management of investment
portfolio amounting to 15.5 million EUR
The funds will be invested in:
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1. Development of projects for photovoltaic power plants;
2. Equity participation in photovoltaic power plants;
3. Exit of the investment through sale of the assets or listing
on Stock Exchange Market in EU country
4. Time frame for capital raising – May - November 2009
5. Period of existence of the Fund – 3 years
6. Expected return of investment on annual basis for the period
of Fund’s existence – 45.69%
7. Management Company – Company for Capital Management
 PRECONDITIONS FOR INVESTMENT IN BULGARIAN PHOTOVOLTAIC
SECTOR
1. Obligatory purchase of electricity produced from
photovoltaic installations for a period of 25 years;
2. Feed-in tariffs for purchasing electricity produced from
renewable energy sources for installations put into exploitation
until 2015;
3. For photovoltaic installations with capacity to 5 kWp –
420.8 EUR / MWh,
and for photovoltaic installations with capacities above 5 kWp –
386 EUR /MWh;
4. Energy distribution and transmission companies are obliged
to join with priority all power plants that are producing
electricity from renewable energy sources;
5. The obligation for expansion and reconstruction of the
energy transmission
6. and distribution grid is to the respective energy
distribution and transmission
7. company for which they can apply for external funding;
8. Implementation of mechanism for trade with green
certificates in 2012;
9. Increase in price of electricity for domestic and
industrial clients since July 1st, 2009.
 MANAGEMENT TEAM
Milen Polimenov – Managing Director, Bulgarian Green Investment
Fund AD
Managing Director and shareholder in Company for Capital
Management. Since 2006 Executive Director of BenchMark Finance
JSCo – branches Varna and Bourgas. Since 2001 owner and Executive
Director of financial-consulting company Millenium-DK. Manager of
a branch of Business Bank JSC in the period 1995-1998. Leading of
business negotiations in Russia, Belgium, Italy, Japan, China,
South Korea, Taiwan and others.
Member of AIESEC Alumni International and one of the founders of
AIESEC Bulgaria in 1990. Lecturer in Bulgarian and Russian
universities.
Master degree in accounting, graduated University of Economics –
Varna.
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Mr. Polimenov graduated Secondary professional school of marine
and ocean fishing – Bourgas.
Roumen Stoilov – Chairman of the Board of Directors of Bulgarian
Green Investment Fund AD
He is member of the Board of Directors and shareholder in Company
for Capital Management. Since January 2008 – General Manager ROI
Management.
Management of projects in the field of SPV - structure,
registration, licensing and current management of real estate and
special purposed investment projects.
Management of capital markets' projects: structuring of stocks
and bonds issues, drafting investment projects pertinent to the
companies' activities. Since November 2006 is Manager Special
Purpose Vehicles Department in Industry Trade Assistance Holding.
In the period July 2005 – September 2006 - Head of Investment
Banking Department in BenchMark Group.
Graduated engineer and Master Degree in Finance. He is licensed
estimator of financial assets, institutions and commercial
enterprises. Rumen Stoilov has Master degree in electronics,
automation and computer systems - Technical
University – Sofia and Master in Finance – Economic Institute of
Bulgarian
Academy of Science- Sofia.
Genoveva Popova – member of the Board of Directors of Bulgarian
Green Investment Fund AD
Shareholder in Company for Capital Management. She has a long-
standing experience in Navigation Maritime Bulgaria JSC.
Experienced in sectors “Balance and analysis”, “Overseas
Companies” and “Estimates with agents”.
Participation as a consultant and coordinator in projects to
develop specialized software for the shipping.
Master in Accounting, graduated in University of economics -
 MAIN ACTIVITY OF BULGARIAN GREEN INVESTMENT FUND AD
The Bulgarian Green Investment Fund’s main activity is investing
monetary funds, raised through issuing shares, and in diversified
investment portfolio consisted of projects that meet the
following criteria:
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1. Investment in the field of renewable energy sources
2. Investments with low risk level
The main goal regarding the investment activity of the Company is
oriented towards increase in the market value of its assets,
along with preservation and increase in the value of the own
capital. In details, the investment goals of Company are:
· Increase in the market values of its assets;
· Preparing projects for photovoltaic power plants;
· Full development of working photovoltaic power plants;
· Ensuring strong and experienced international partners
in the field of renewable energy sources when realization of the
projects of the Fund;
· Realization of incomes in exit of the investments through
sale of the projects and developed capacities in the end of
period of the Fund’s existence or through listing on stock
exchange.
Our projects are situated in regions in which the
unemployment is high and therefore we will receive
additional preferences as investors regarding no payment
of the corporate tax for a certain period of time –
Tervel and Haskovo - Lyubimets municipality.
 CAPITAL INCREASE OF BULGARIAN GREEN INVESTMENT FUND
· The amount of the capital increase is 15 500 000 EUR
· Each share has nominal values of 51.15 EUR;
· The minimum participation of each new shareholder is 50 026
EUR.
 CONCLUSIONS FROM THE FINANCIAL ANALYSIS
The fact that in the third year the Fund will end its activities
with the sale of all its assets and distribute the financial
result as dividend payments, these dividend payments will have
also a character of a liquidation share of the Fund.
The total amount of the dividend payments for the whole period of
existing of the Fund will be 35.56 million EUR, including the
initially invested 15.5 million EUR.
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Net profitability for the entire 3 year period is 137.1%, as on
annual base it is 45.69%.
If there is a decision of the shareholders, the Fund can be
listed on Stock
Exchange Market in the end of the third year as an option for
exit of the Investment.
 INVESTMENT STRATEGY OF BULGARIAN GREEN INVESTMENT FUND AD
First year Second year
1. Purchasing agricultural land 3 500 000 m2–1.8 million EUR
2. Changing land designation of 2 800 000 m2 agricultural land
and obtaining all necessary permits for project– 3.5 million EUR
3. Changing the status of 700 000 m2 agricultural land and
obtaining all necessary permits for project– 0.88 million EUR
4. Starting the first stage of the activity of building
photovoltaic power plants on base of the structured projects
jointly with other companies on the total area of 1 040 000 m2 –
9.5 million EUR
5. Activity of construction (second stage) of photovoltaic
power plants based on the structured joint projects with other
companies on a total area of 1 040 000 m2 - 13.25 million EUR
The main investment idea of Stage I, which is going to take place
during the first year of the Fund’s existence, is to take
advantage to the short-term decrease of the investment activity
in Bulgaria in order to acquire investment assets, mainly land at
low price appropriate for development projects in the field of
renewable energy sources.
Afterwards, land designation is expected and start of building
photovoltaic projects.
The main investment idea of Stage II, which is going to take
place in the second year, is to perform land designation of the
remaining parcels of agricultural land, so the second stage of
financing the projects with happens. The projects are expected to
be developed in a joint company. On the other hand, current
profitability should be realized through sale of ready
photovoltaic projects.
 EXIT OF THE INVESTMENT
 Second year
Sale of photovoltaic power plants on projects stage, the
respective parcels and ready documentation – 15.84 million EUR
(they will be re-invested for continuing the construction of the
joint projects);
 Third year
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Sale of photovoltaic power plants on projects stage, the
respective parcels and ready documentation – 6.3 million EUR;
Sale the equity of the Fund of the established and operating
photovoltaic power plants– 32.5 million EUR.
 ADDITIONAL INFORMATION: CONTACT INFORMATION:
To the interested investors is presented Memorandum for private
placement of shares of Bulgarian Green Investment Fund AD, with
the following content:
1. Summary Managing Director
2. Responsible parties
Company for Capital Management
2.1. Responsible for the preparation of the memorandum
2.2. Declaration from the persons responsible for the preparation
of the Memorandum
3. Information about the depositary bank
4. Information about the law firm
5. Information about the audit company
6. Issuer information
6.1. History and development of the company Manager International
Relations
6.2. Management company- Company for Capital Management
6.3. Board of Directors of BGIF
6.4. Share capital of BGIF
6.5. Capital increase of BGIF
6.6. Structure of the Fund
7. Investment policy
7.1. Main activities Bulgarian Green Investment Fund AD
7.2. Investment environment
7.4. Development of projects in the field of solar energy in
Bulgaria
7.5. Projects that the Fund will develop for its investment
program
8. Risk factors
8.1 Specific risks related with the project investment in field
of RES
8.2. Common (systematical) risks
9. Financial forecasts for the activities of the Fund
9.1. Main assumptions
9.2. Base for the forecasts
9.3. Planned investments
9.4. Incomes
9.5. Expenses
9.6. Cash flow
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9.7. Forecasted dividend and profitability
Why The Bulgarian Green Investment Fund extended their
closing date
The Bulgarian closed-end equity fund Bulgarian Green
Investment Fund, which is currently seeking to raise 15.5
million EUR has extended its deadline until 24 November,
2009.
1. The fund, which is seeking the capital through initial private
placement for solar photovoltaic projects in Bulgaria, needed more
time because part of the management team is on a road show in Asia,
across Turkey, Singapore and Malaysia, showcasing the fund to
potential investors.
2. The fund will operate for three years, and at the end of the third
year all of the assets will be sold and the fund will be closed. The
reason for remaining within Bulgaria lies with the attractive feed-in
tariffs which spans 25 years for a power plant put into operation
before 2015.
==================================
Note financial statements are set up in the Private
placement memorandum in the final pages.
For financial statements and models of the specific
projects you will sign with me an NDA agreement.
=================================
You can also download the following documents for your
convenience:
 Mobilizing Investment in Renewable Energy in
Bulgaria
 New Energy Finance
 Tervel Project - Investment proposal - For development
of a project for photovoltaic power plant with estimated
capacity of 3.5 MWp
If interested to invest and further discussions, please contact
Pierre Pienaar @ E-mail: xcelwealth@gmail.com
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Yours truly
Pierre Pienaar
http://www.linkedin.com/in/xcelwealth
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