site.btaGerman Company Confirms Plans for EUR 1 Bln-plus Investment in Solar Power Plant in Bulgaria

The German company Profine Energy GmbH officially confirmed its interest in making a massive investment to build a floating solar power plant in Northwestern Bulgaria, the Economy and Industry Ministry reported on Tuesday. The EUR 1 billion-plus investment was discussed at a meeting of Economy and Industry Minister Nikola Stoyanov and State Consolidation Company Executive Director Ventsislav Dimitrov with Profine owner Peter Mrosik in Sofia on Tuesday.

In early November, representatives of the company visited Bulgaria to explore the possibility for implementing the project.

On Tuesday, the sides signed a protocol of intent for the investment, identifying Ogosta Dam as the potential project location. No obligations for the Bulgarian government arise from the protocol.

Profine plans to overhaul and rehabilitate the Ogosta Dam wall, build a floating solar power plant with an output capacity of 500 to 1,500 MWp, and take care of the operation, maintenance and security of the reservoir and the power plant over the long term. The investor has committed to using Bulgarian subcontractors.

Based on the officially stated interest, competent institutions put together a working group to discuss the project and the condition of the dam.

Economy and Industry Minister Nikola Stoyanov said an early analysis shows that such a project could be implemented after a public tender in which everyone willing may bid for the contract. In this case, the authorities may not give precedence to any company.

Meetings will be held with the local public. "Such a project has never been implemented in Bulgaria and we need to present all its aspects to the citizens," Stoyanov said. He noted that the dam should certainly remain accessible to the public and the budding tourist services in the area should be kept up. "On the other hand, this is an investment in the future, because it is about using solar energy to produce electricity on a completely environment-friendly technology," the Minister said.

He noted that everything is still at an initial stage, but Tuesday's protocol of intent sets the beginning of a process of examining all legal and administrative procedures for the implementation of the massive investment.