Investors in solar energy withdraw from Bulgaria and may sue the country

Investors in photovoltaics are giving up their projects in Bulgaria because of the planned reduction by more than 30% of the price of electricity generated by solar parks. South Korean company RES Technology may even file a lawsuit against our country because of changes in the circumstances of their investment. “The Korea Development Bank warned us that it will not accept a change in our estimated revenues and will not finance our project in that case,” said yesterday Yoon Kyu Han, CEO of RES Technology, during a public discussion on electricity prices with the State Energy and Water Regulatory Commission (SEWRC). Together with the company SDN, RES Technology has already invested €100 mln in its project for the construction of a photovoltaic park near the village of Samovodene, Veliko Tarnovo region. The company had planned the park’s capacity at 42 Megawatts and intended to invest €150 mln in it.

“If the law and the price of electricity from photovoltaics remain unchanged, the biggest investment dispute between Bulgaria’s and South Korea’s Governments will start from this,” stated Kyu Han.

“Many investors are disappointed with the proposals of SEWRC,” said yesterday Mitsushige Mori, Second Secretary of the Japanese Embassy in Sofia. Some time ago, Toshiba corporation announced its plans to build a 10 MW solar park in the region of Yambol, intending to invest BGN 73 mln in the project.

The new law has also stopped the planned investment in the sector of Schneider Electric, explained yesterday experts in the branch. The Manager of the U.S. company AES Solar, Aneliya Erdly also said that the new prices of solar energy would render the projects almost impossible to finance and implement.

“If the prices had not been adjusted as they were, in the next two or three years, green energy in Bulgaria would have become 10% more expensive,” commented SEWRC’s head, Angel Semerdjiev. He confirmed once again that the price of electricity for households was expected to be raised by no more than 1.5% as of July. “Natural gas may also be hiked in a month but the price increase will be trifling,” he forecast as well.

Прочети цялата новина

Свързани новини: