The renewable energy sector in Bulgaria continues to be dominated mainly by local investors who retain control over 70% of the companies, according to the annual analysis of the renewable energy industry prepared by business and news agency SeeNext and Gugushev & Partners Law Office.
The analysis covers 480 local companies engaged in the operation, maintenance, construction, engineering or project development of renewable energy plants, as well as the manufacture of batteries, motors, turbines and other equipment for renewable energy facilities.
According to the report, the number of new companies created tends to decline: only two new renewable energy companies were created in 2022.
The analysis points out that Italy and Germany continue to be the leading foreign investors in the sector here. The top 10 foreign investors in renewables also includes companies from the Czech Republic, Luxembourg, Hungary, Austria, Hungary, Cyprus, the Netherlands, Turkiye, and Japan.
In terms of newly installed capacity, photovoltaics are showing remarkable growth, the report says. The total capacity of solar farms in Bulgaria at the end of 2022 jumps by 38.5% compared to the previous year, while there are almost no changes in other energy sources.
Over the past year, Bulgaria has made some important changes to the regulatory framework on electricity storage systems in line with the ambitions expressed in the National Recovery and Resilience Plan. This topic is expected to continue to be the focus of further changes to the Energy Act, the report notes.