The Bulgarian Ministry of Energy has launched two renewables-plus-storage
The Bulgarian authorities awarded BGN 526 million ($284 million) to 397 renewable energy projects in the country’s latest procurement exercise.
Image: Mikhail | luxkstn, Unsplash
The Bulgarian Ministry of Energy has announced the final results of the country''s first renewable energy auction. The government allocated BGN 526 million in funds to 397 projects in the procurement exercise.
The government has set aside BGN 107.5 million for projects between 200 kW and 2 MW, and BGN 427.5 million for projects over 2 MW. The first group contracted 435 MW of generating capacity and 176 MW of storage, while the second group secured 2.66 GW of generating capacity and 1 GW of storage.
The auction is part of Bulgaria‘s National Recovery and Sustainability Plan, aimed at economic and social recovery post-pandemic.
In May 2021, Bulgaria committed to phasing out coal by 2038 and, in 2023, launched a program to promote solar water heating systems, rooftop PV arrays, and batteries.
By the end of 2023, Bulgaria had deployed 2,937 MW of solar capacity, according to the International Renewable Energy Agency (IRENA). The country wants renewables to account for 34.7% of electricity consumption by 2030.
More articles from Emiliano Bellini
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By VanoraBennett
22 Nov 2024
TheEuropean Bank for Reconstruction and Development(EBRD) is lending up to €50 million to Tenevo Solar Technologies EAD to build and operate a fully merchant solar photo-voltaic plant in southeastern Bulgaria. The Tenevo plant is expected to generate more than 300 GWh of electricity a year and save 250,000 tonnes of carbon emissions annually. A parallel financing facility of €53 million will be provided by Raiffeisen Bank International, making the total finance package €103 million.
The project will be supported by first loss risk cover deployed under the EBRD’s InvestEU Framework for Sustainable Transition, which aims to foster sustainable investment and convergence to EU norms, and will contribute to the Bulgarian green energy transition. This is the first use of the InvestEU guarantee by the EBRD in Bulgaria.
The Tenevo plant will add 238 MW of solar generation capacity to the Bulgarian national energy system, with a long-term plan to add on a 250MW capacity of behind-the-meter energy storage. This is an important project to advance towards Bulgaria’s ambitious net-zero greenhouse gas emissions target by 2050 and reduce reliance on coal generation, which still dominates in the power system.
The project will be the first renewable energy plant over 100 MW that will sell all its output in the market without a support scheme or a corporate power purchase agreement in Bulgaria. The project is designated as Gender SMART as the Sponsors and the Company committed to sign the UN Women’s Empowerment Principles to promote gender equality across the male-dominated energy sector in Bulgaria.
It will also strengthen the private sector presence in the renewable energy sector in Bulgaria.
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