Ukraine made headlines earlier this week after announcing a new wind project, now another former Eastern Bloc country is making its own renewable energy headlines: Bulgaria.
Renewable Energy Corporation (REC) just signed a series of deals that would supply 20 MW worth of modules for solar power plant installations all over the Bulgarian countryside. One deal is for 10 MW with ALMA-D Ltd., a Sofia-based company that is planning on using the REC 240 W Peak Energy modules for its 6 MW plant in Kamenar and a 4 MW plant in Kameno. Both of these towns happen to be near the Black Sea, an area important for tourism and industry.
“We are very pleased to sign this deal with ALMA-D Ltd. in Bulgaria—an important and growing solar energy market…the company’s involvement in various energy projects creates new and increased opportunities for REC in Bulgaria as well as in other emerging markets,” Senior VP of Sales and Marketing for REC Luc Graré said.
In addition, REC signed three separate contracts with its Bulgarian partner Elektro-Solar Systems Ltd. for 2, 3 and 5 MW projects. The 2 MW project called “Kosharevo” and the 3 MW project called “Voinikovo” will use the REC 240 W Peak Energy modules while 5 MW “Pop Gruevo” will use REC 235 W Peak Energy modules.
The Elektro-Solar projects are expected to be up and running sometime this summer. Right now, the Bulgarian State Energy and Water Regulation Commission is busy working out the specifics of the feed-in tariff incentives for these projects. With these three projects, REC’s share in the Bulgarian solar market has hit 15% with 50 MW of installed solar.
Bulgaria Installs 50 Megawatts of Solar originally appeared in Green Chip Stocks. Green Chip Review is a free 2x-per-week newsletter, is the first advisory to focus exclusively on investments in alternative and renewable energies.