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5 March 2003 - Italy's former monopoly power generator Enel has struck a deal to "progressively" buy US power company Entergy Corp.'s stake in a Bulgarian venture operating the 840 MW Maritza East III power plant.

Enel said that it was committing between €110m and €140m to acquire the interests and would initially take a 60 per cent stake in the venture. Enel will have an option to buy the remaining 40 per cent, which may be exercised "depending on the economic and financial outlook of the project."

The deal is part of Enel's strategy of expanding into Eastern Europe to make up for its shrinking domestic market share.

Entergy set up in 2001 with Bulgarian state power company NEK.

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