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500 milion euro invested in green energy in Bulgaria

Submitted on Thursday, 18 September 2008No Comment

The chairperson of the association of eco energy producers Velizar Kiryakov sais that about 500 milion euro will be invested in wind farms in northeastern Bulgaria and another 100milion leva will be spent on solar power generation by the end of 2009. Supposedly, the investments will be recouped within 8 years on average thanks to the favourable climate in this part of the country.

The biggest wind farm project in Bulgaria is already being developed by the US firm AES, also investor in the Maritsa East coal-fired power plant. AES is currently building a 156MW wind farm near Kavarna, on the northern coast. Near Varna, between Souvorovo and Vulchi Dol, will be risen another 160MW wind park. The investor is the Spanish company Eolica. By the end of 2008 a few other smaller projects of total capacity 105MW are expected to go online.

Kiryakov expressed his concerns that Bulgaria is lagging behind global and European requirements on its percentage of renewable energy. By 2013 11% of the country’s power output should come from alternative energy sources. This percentage must go up to 16% by 2020. There is also a requirement for industrial producers to buy carbon emissions. It will supposedly hike electricity prices to include greenhouse gas emissions, whose cost will probably surge to 50-60 euro a ton.
Currently the renewable energy accounts for 9.1% of the country’s total output. Wind farms generate 9% of it. The remaining 0.1% is produced by wind generators, solar parks and biomass-fuelled power stations.