The privatisation of Bobov Dol thermal power plant should be completed by December 11, Bulgaria's sell-off authority announced on Tuesday. Greek utility company PPC was picked for the acquisition. The initial deadline for the deal closure was September 11. It needed to be reset in order to give the environment ministry time to issue the necessary eco permits and settle issues related to the supply of locally mined coal, as well as to the reserve capacity agreement with national power grid operator NEK. Due to the protracted sale procedure, the buyer is entitled to conduct a new due diligence of the power station. PPC bid EUR 36.2m for a 51% stake in the TPP and pledged EUR 34.8m for a capital raise. The Greek company has also undertaken to buy out the residual interest for EUR 34.75m by 2007.