Bulgaria to get EUR 16m European financing for renewables

Oct 8, 2014 - Norway, Iceland and Liechtenstein will extend almost EUR 16 million (USD 20.2m) to Bulgaria for energy efficiency and renewable energy under the European Economic Area (EEA) Financial Mechanism, novinite.com said on Tuesday.

Projects related to hydropower and biomass production, improvement of energy efficiency and deployment of renewable energy facilities on public buildings will be eligible for the financing. Both state institution and municipalities will be able to apply, with each project receiving between EUR 170,000 and EUR 500,000 in financing.

At present, about 70% of Bulgaria’s energy demand is met by gas, fuel oil and nuclear imports from Russia. Under its renewable energy policy, it aims to source 16% of its total power from renewables by 2020. The programme’s goal is also to cut 35,000 tonnes of carbon dioxide (CO2) emissions by the same date.

(EUR 1.0 = USD 1.265)

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