Bulgaria
In Bulgaria, CWP is developing a portfolio of more than 1 GW of wind energy projects. This way we will contribute to the supply of affordable green energy, an accelerated replacement of expensive polluting power plants, improved quality of life, and enhanced energy independence.
Overview
Electricity production and export have been on an upward trend in Bulgaria over the past few years (2020 – 2022). In 2022 electricity production amounted to 50.6 TWh, consumption reached 38.3 TWh, and export of electricity totaled 12.2 TWh. The major generating capacities in the country in 2022 are thermal power plants, providing 26 TWh, or 52.3% of the total electricity production. It is estimated, however, that by 2038 4 GW of coal generation will be phased out. In comparison, in 2022 electricity produced from wind power plants in the country reached 1.5 TWh, or 4.5% of total electricity production. Installed wind energy capacity in Bulgaria is 705 MW, leaving a large untapped potential for this energy source.
Bulgaria has set a goal of 29.9% share of renewable energy sources in its gross final energy consumption by 2030. The national energy strategy (2023 draft) envisages that by 2050 Bulgaria will have 11.8 GW of PV, 5 GW of onshore wind, 3.3 GW of offshore wind, and 2.3 GW of energy storage capacities in operation. Our view however, shared by the industry, is that by 2030 at least 5 GW of onshore wind energy capacities will be operational in Bulgaria. By 2050, we anticipate that the cumulative installed onshore wind energy in the country will increase to 12 GW.
Market Opportunity
Bulgaria shares the ambitions of the European Union to achieve a carbon-free economy. To this end, the country is harmonizing its regulatory framework to the EU Directives for renewable energy and the Green Deal.
Recent updates to the regulatory framework for the renewable energy sector are primarily aimed at reducing the time and complexity related to project development. This includes efforts to simplify licensing, permitting, and grid connection timelines.
In the pursuit for a sustainable and competitive economy, we believe that the way forward is to transform the energy mix by integrating more renewables (striking a balance between solar, wind and energy storage capacities) and relying less on fossil fuel sources.
Creating value and opportunities in the communities where we operate
As a socially responsible investor, CWP works hand-in-hand with local communities to create a series of longer-term projects that leave a lasting legacy. We want to build a successful partnership with the local administration and community. The focus of our social initiatives is community building, education and youth development, sport activities, improvement of urban infrastructure and donations.
CWP donated and installed children’s outdoor playground equipment in the kindergartens “Happy Childhood” in the village of Belogradets and “June First” in the village of Dobroplodno.
Team “Sportist” football club from Mihalich village played its first match with their new uniforms, provided by “Dobrotich Wind” AD. The mayor of Mihalich, also coach of the team, actively followed the game.
CWP supported the realization of horse races during the traditional annual event in Kaolinovo municipality. The horse races were held in Pristoe village and were divided in 5 categories.
The company participated in this year’s charity initiative “Christmas magic”, held under the patronage of Nikola Kozlevo Municipality’s mayor, Mr. Eshref Redjeb.
