The Bulgarian government has approved the 670 MW Maritsa Iztok-1 project under development by AES Corp. Construction of the first unit of Maritsa Iztok-1 is expected to begin late this year and the plant is due to be commissioned in 2008. The second unit should be commissioned in 2009. AES agreed to build what is Bulgaria’s largest foreign investment deal back in 2001, but the plan got delayed when AES was unable to secure funding. AES is now funding 30% of the project with a consortium of banks providing the remaining equity.