One of the lesser talked about renewable energy markets in Europe, Bulgaria is attracting attention from investors as local investment group Renalfa AD and Danish developer Eurowind Energy have launched a new joint venture (JV).
Called Eura Energy, the JV has a development portfolio of solar, wind, and power-to-x or production of hydrogen from renewable energy projects with a combined capacity of more than 1 GW and is working to expand the portfolio in the country.
As its maiden project, Eura Energy is expected to realize the Tenevo Solar Project in south-eastern part of the country with more than 200 MW capacity. It is targeting a construction commencement date of Q1/2023.
While Eurowind Energy has constructed over 2.5 GW wind and solar power capacity in Europe and has presence in the US as well, Renalfa AD is present in the field of solar through its subsidiary, an EPC company called Solarpro, whose current portfolio exceeds 1 GW in Europe, North and South America and MENA regions (see Europe PV Snippets: Enlight, Solaria, Voltalia, Sonnedix, BSW).
"We see Bulgaria as a very interesting market for years to come. Like any other European country, there is a need for more power combined with a green transition of the whole energy system," said Eurowind Energy CEO Jens Rasmussen. "Solar, wind and PtX plays a part in that transition and is the cheapest way to establish new generational capacity."
In October 2021, renewable energy developer CWP Global and Mercuria Energy Trading announced plans to launch a renewables JV focused on solar, wind and battery storage in Bulgaria, Serbia, Romania and Ukraine (see CWP Global & Mercuria Energy Trading JV).
Under its EU National Energy and Climate Plan (NECP), Bulgaria aims to exceed 3.2 GW cumulative installed solar PV capacity by 2030, which is not ambitious at all as by the end of 2020, it had already exceeded 1.1 GW with little annual addition of 77 MW (see Bulgaria Installed 77 MW Solar PV Capacity In 2020).
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