Updated: Jan 17
“Bulgaria is the 3rd largest exporter of electricity in Europe, exporting around 33% of its domestic production,” explains James Scott executive director of the Eastern European Institute for Trade and founder of the NETZERO Incubator & Accelerator. Scott Continues, “Only 20% of this production comes from fossil fuels, with 45% coming from nuclear power, 30% from renewables, and 5% from hydroelectric power.” Over the next 7 years, Bulgaria’s goal is to further diversify its energy supply and increase the contribution of renewable energy sources to around 40%. To achieve this, Bulgaria has launched a “Green Bulgaria” initiative, a 2.6 billion euro initiative aimed at new energy projects, including 1.4GW of new renewable energy capacities, and the development of 6GWh of battery energy storage capacities and new geothermal resources for electric power generation and district heating.
To promote and facilitate these projects, the Bulgarian government has created the Invest Bulgaria Agency as a one-stop shop for investors, offering end-to-end support to investors and businesses. It provides tailor-made solutions to investors with a long-term partnership approach. The Invest Bulgaria Agency is the government agency responsible for implementing the Investment Promotion Act:
Raising the competitive abilities of the Bulgarian economy through the increase of investments in science, research, innovations, and technological development in high-added value products and services by observing the principles of steady development;
Improvement of the investment climate and overcoming the regional divergence in socioeconomic development;
Creating new and highly productive job positions.
The Invest Bulgaria Agency is tasked with maximizing Bulgaria’s existing advantages for foreign and domestic investors in the energy sector:
It is one of the top 10 countries in high-speed mobile internet
Around 50% of the population speaks at least one foreign language
3rd in the world in IT specialists per capita
Has one of the strongest engineering and IT talent pools in Europe
Most competitive operational costs in the EU
Unlimited access to the EU energy market
One of the primary goals is to develop battery production in Bulgaria and grow it to become a leader in the European Union market. As a stimulus to domestic battery production, the government is offering a 30% subsidy for any installed storage capacity paired with the new renewable energy sources.
These long-term government plans coupled with a wide-ranging incentives program with tailor-made incentive packages for Priority Investment Projects, and a deep talent pool will make Bulgaria one of the European hot spots for renewable energy investments.
The Embassy Row Project hosts international trade missions and prioritizes Bulgaria as a strategic launchpad into the EU. The Eastern European Institute for Trade collaborates with governments throughout Europe and the Caucasus region on energy and infrastructure projects and technology, and ERP’s NETZERO Incubator & Accelerator continues to work with trade ministries to introduce their commercial sector to sustainability best practices and carbon reduction strategies.