No EBRD funds for three wind, one solar parks in Bulgaria

SOFIA (Bulgaria), December 7 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said that three wind and one solar parks in Bulgaria it was considering for funding will not be backed since the government in Sofia has exercised its right to veto the proposed investments.

Earlier this year, the EBRD said it was considering lending 24.5 million euro ($32 million) to finance the construction and operation of three wind farms with a total installed capacity of 40 megawatts planned near the Bulgarian towns of Kavarna and Varna.

The multilateral lender was also mulling a 7.0 million euro loan for a 10 megawatts-peak photovoltaic power plant located in the villages of Dabovo and Vetren.

“[..] the Bulgarian government has vetoed these projects through the EBRD Board of Directors, stating a change in its renewable energy policy,” the EBRD communications department told SeeNews in an email on Thursday.

The EBRD board of directors represents the bank’s shareholders - 63 countries plus the European Union and European Investment Bank. The board director of the country in which a proposed project is located has a veto right.

($=0.775 euro)

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