Bulgaria's Privatisation Agency has certified 11 companies for the privatisation of the thermal power plants (TPPs) in Bobov Dol, Rousse and Varna. The approved candidates will be allowed to buy the information memoranda, to analyse the financial performance of the companies and put together a purchase offer. The potential buyers cleared to advance in the sell-off procedure are Czech CEZ, Austria's EVN, Germany's E.ON, Italian gas and water utility Enel, U.S. company AES, Greece's Public Power Corporation, RAO EES of Russia, Britain's International Power, France's Dalkia International and J Power and Mitsui of Japan. Most of them are already doing business in Bulgaria's power industry. CEZ, E.ON and EVN acquired Bulgaria's electricity distribution companies last year while Enel, Mitsui and AES are involved in several investment projects. The final bids are due by March 25, 2005. Most of the candidates are reportedly interested in buying all three TPPs. The buyers will have to bid for a stake of at least 51% and will be allowed to later exercise an option to increase their equity to 67%. The proceeds from capital raise will be invested in the respective TPP. The state will hold on to the remaining 33% until July 2007. In related news, it was announced the privatisation of the Bobov Dol mines will kick off promptly and will run simultaneously with the denationalisation of the TPP of the same name. Both companies could go to a single buyer.