/LONDON, November 9, 2023, 10:15 GMT, RENEWABLE MARKET WATCHTM/ Development of operational solar PV power plants in Bulgaria started with very moderate steps in 2007 but progressed at fast paces after the second half of 2010. In the middle of 2023, Bulgaria's cumulative installed solar PV capacity exceeded 2,400 MW (2.4 GW). Several large-scale solar photovoltaic (PV) projects with a power capacity above 100 MW were launched into commercial operation in Bulgaria in 2022 and 2023. Local and international investors will build new solar projects between 2024 and 2026. In the last few years, Bulgaria has been the focus of the investors’ interest. Furthermore, Bulgaria has to diminish its dependency on Russian energy imports quickly, and solar power is one of the best renewable energy alternatives. The recent changes in the renewable energy legislation promulgated in the State Gazette on 13 October 2023 are supposed to propel further the growth of the Bulgarian solar photovoltaic energy market.
The country's stability and predictability due to the NATO and EU membership, the stable economic perspective and the growing credit rating of the country and its institutions were only some of the elements attracting the investors’ interest. External investors have been attracted by rapidly developing national industry, highly skilled workforce and significant new market.
Bulgaria is situated in the South-Eastern part of the Balkan Peninsula. The country's population is 6.78 million people, spaning 110,912 sq.km. Bulgaria borders Greece and Turkey to the South, and North Macedonia and Serbia - to the West. The Danube River to the North is our natural border with Romania; the Black Sea is situated to the East. Bulgaria is in the centre of a region, which is undergoing a dynamic transition. Within 500 km of our capital city, Sofia (1.4 million people), a population of over 90 million lives in 9 countries that have recently embarked on their way to a market economy. This is a large market with rapidly increasing purchasing power.
For the first time after a decade, a 58 MW new large-scale solar photovoltaic power plant of the Bulgarian company Real States was connected to the grid in April 2022, with the expectation to be increased to 150 MW.
Danish company Eurowind Energy is starting a solar photovoltaic project with 250 MW power capacity near the Tenevo village, Yambol district. The management of Eurowind Energy expects the plant to be fully ready in 2023. An energy storage system is planned for the project.
By a majority in the city hall of Haskovo, the local parliamentarians accepted the report, with which they gave prior consent to Enery Development for a relinquished right to build the large scale solar photovoltaic (PV) power plant with an indicative installed capacity of 400 MWp. Also, the Municipal Council gives prior consent to change the purpose of the lands representing the public municipal property for the construction of a solar photovoltaic (PV) power plant and their transformation from municipal public to municipal private property. The Municipal Council agrees to prepare a detailed urban plan for the properties in question, the development of which is financed by Enery Development.
In March 2020, the new solar photovoltaic (PV) power plant was announced by the mayor of Dimitrovgrad municipality and the Enery Development Gmbh. The solar power plant will be built on a vacant terrain with a total area of about 650 acres. It is expected to have an installed capacity of 65 MW, and produce over 90,000,000 kWh of clean energy annually. This saves about 120,000 tonnes of carbon dioxide from being released into the atmosphere.
Furthermore, on the 18th of September 2020, Enery Development finalized the transaction to acquire the largest grid-connected solar photovoltaic power plant in Bulgaria 60.4 MWp, located in Karadzhalovo in South Bulgaria. This makes Enery Development a top-ten player at the Bulgarian solar power market. In 2020, Enery Development established a joint venture with former executive developers of Sun Edison and Juwi that is pursuing selected large-scale solar projects in the region.
The report provides a complete picture of the market situation, dynamics, current issues and prospects. You will find more than 120 pages of valuable information in this unique in-depth analysis of the Bulgarian photovoltaic market and will receive an overview of how COVID-19 (Coronavirus) recovery and the war in Ukraine will impact it. This report brings clear and concise insights to help investors in their decision-making process with comprehensive market data. As 2021 and 2022 were challenging years for the photovoltaic industry, the time for making the right decisions during 2023 and the next few years is limited. The fast-changing market environment requires relevant and accurate information. For your convenience, we offer the opportunity for orders with customized report content. Reasons to buy this market report are, but are not limited to:
- Solar resource potential in Bulgaria
- Overview of the Bulgarian political and economic environment
- Financial Model and Analysis of 50 MW Solar Photovoltaic (PV) Power Plant investment in Bulgaria (IRR, WACC, Payback, NPV, Cash Flow, etc.)
- Over 55 charts, tables and maps
- Overview of Bulgarian solar photovoltaic (PV) market development 2012 ÷ 2032
- Grid-connected solar photovoltaic (PV) installations
- Future market trends and planned solar photovoltaic (PV) projects for 2023 ÷ 2032
- Market prices of fully permitted and operational solar photovoltaic (PV) projects
- Bulgarian legal and energy regulatory framework for renewable projects
- Key companies and competitive landscape in the solar photovoltaic (PV) sector
- Review of most relevant financing and supporting incentives
- SWOT Analysis (detailed in 5 pages)
More information about other large-scale solar projects planned in Bulgaria, a detailed scheme of the permitting and administrative procedure for solar photovoltaic (PV) power plants, a map of grid-saturated areas in Bulgaria, and full contact details of important solar project owners and developers, and much other information you will find in: Bulgaria Solar Photovoltaic (PV) Power Market Outlook 2023÷2032
To download the executive summary brochure with sample pages, please access from here: Bulgaria Solar Photovoltaic (PV) Power Market Outlook - Sample
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