After a prolonged anticipation among businesses and investors, the Bulgarian government finally announced and initiated the procedures for project applications concerning the development of renewable energy sources with battery storage capabilities on March 14. The funding allocated for these procedures amounts to over 270 million euros in grants as part of the National Recovery and Resilience Plan. The deadline for submitting bids is set for June 12, 2024.
The Bulgarian government decided to open two procedures:
The first one is for projects between 200 kW and 2 MW with total funding of EUR 18 million per project, which aims to finance RES projects with total installed capacity of 200 MW with a minimum of 100 MW ‘behind-the-meter’ battery storage. The maximum state funding is 50% of the storage and not more than EUR 550,000 per 1 MW installed storage capacity. The maximum cost of one project applying for the aid is EUR 18 million, which means that also bigger projects should be feasible, but only with a battery of up to 2 MW.
The second procedure is open for all projects above 200 kW, which is geared towards the big storage players. The overall support under the grant mechanism is estimated at a total of EUR 215 million, financing 940 MW worth of new RES plants with at a minimum of 200 MW of installed storage capacity. The ceiling for a project here is around EUR 30 million. The maximum state funding is 50% of the storage costs but not more than EUR 375,000 per 1 MW installed storage capacity.
Benov & Vasilev Attorneys at law in close collaboration with top energy experts in the country, stands ready to provide a comprehensive package of services and consultation for applying and executing projects within the newly opened procedures for financing renewable energy sources with storage capacity.