PNE will become the majority shareholder in the company founding Windpark Dobrudzha OOD. The remaining shares will be held by Dobrudzha OOD.
The project is undergoing environmental analyses as part of the approval process.
Under the terms of the agreement, PNE will be responsible for the selection and purchase of the wind turbines, financing, distribution and commercial and technical management of the development.
Speaking about the deal, PNE chairman Martin Billhardt said: "With this additional collaboration, we are focussing on continuing our international expansion strategy. Our growing commitment in Bulgaria is another building block for this. We are ensuring that our future has a continually growing project portfolio."
The Dobrudzha project is part of PNE's plans to expand its global onshore project pipeline to 10GW within three years. This is a rise of 7.8GW on 2009's figure.
In the US, PNE's 2009 project pipeline of 600MW will be expanded to 2.5GW by 2012, the company said. It expects to install about 50MW of wind capacity in Germany this year and in 20011 as well as an unspecified amount of MWs abroad.