Dobrotich Wind, a subsidiary of Australian renewables developer CWP Global, is planning to invest BGN 1.2 billion (USD 612.2m/EUR 613.5m) to build a 74-turbine onshore wind park in Bulgaria's northeast region.
Equipped with turbines with a planned capacity of up to 8 MW each, the wind farm to be built in the region of Varna will be capable of generating enough electricity to meet the needs of 440,000 households, Dobrotich Wind said in a press release on Monday.
As many as 50 turbines will be erected in six villages in the Valchi Dol municipality, and a further 24 will be installed in five villages in the Vetrino municipality.
Dobrotich Wind will not use EU grants, state investments or preferential power purchase prices to fund the project, the company added.
"The area was chosen for its combination of very good wind potential, low environmental risk and the availability of suitable electricity transmission infrastructure. The project will be implemented with the most recent wind generators, using the latest and most advanced technologies," Dobrotich Wind said in the statement.
The investor is ready to provide long-term electricity assistance to some 14,000 local residents, which would cover the aggregate consumption of 1,200 KWh per year for a period of 35 years from the wind farm's commissioning date.
"In addition, we have allowed for a possible indexation of electricity prices for domestic consumers in future, and in the event of price increases we are ready to cover up to BGN 500 per year in household electricity bills," Dobrotich Wind managing director Biliana Petrova said in the statement.
CWP Global has been working on large-scale green energy projects in Central and Eastern Europe (CEE) since 2010 and currently has a renewables pipeline of 3,000 MW in Bulgaria, Serbia and Romania.
As of end-2021, Bulgaria had 701 MW of installed wind capacity, according to the Electricity System Operator (ESO). The country's largest wind park is the 156-MW St. Nikola wind farm which is located near the northeastern town of Kavarna.
The national plan for electricity grid development in 2022-2031 foresees the deployment of 4,858 MW of renewables, of which 343 MW will come from wind.
However, the Bulgarian Wind Energy Association in the spring called for increasing projected wind capacity for 2026-2031 to 4,500 MW to better reflect alleged investment proposals as well as strong potential investor interest.
CWP and commodity group Mercuria Energy Trading teamed up for the CWP Europe joint venture last year, signalling a potential investment of over BGN 1 billion into renewable energy projects in Bulgaria.
(BGN 1 = USD 0.510/EUR 0.511)
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Image source: CWP Global.
