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Local investors continue to dominate Bulgaria’s renewables sector


The sector of renewable energy sources (RES) in Bulgaria continues to be primarily dominated by local investors, with them maintaining control over approximately 70% of the companies. This is one of the main conclusions of the annual analysis of the RES industry in the country, prepared by business and news agency SeeNext and Gugushev and Partners Law Office. The report includes an analysis of market dynamics for the three-year period of 2020-2022, a comprehensive overview of changes in the regulatory framework, a review of significant investments, as well as a special focus on two hot topics - the development of the market for power purchase contracts (PPAs) and Bulgaria’s progress in the area of energy storage.


The analysis covers 480 local companies engaged in the operation, maintenance, construction, engineering, and/or development of projects for renewable energy power plants, as well as the production of batteries, engines, turbines, and other equipment for RES facilities. In this year's edition, SeeNext has changed its methodology to include companies that have a sector-defining importance.

Key Trends

The dynamism in the number of newly established companies points to a decline - in 2022, only 2 new RES companies were created.

Italy and Germany continue to be the leading foreign investors in the sector in Bulgaria. The top 10 foreign investors list also includes the Czech Republic, Luxembourg, Hungary, Austria, Cyprus, the Netherlands, and Turkey. One of the significant additions to the rooster in 2022 is Japan.

As for newly installed capacity, photovoltaics show remarkable growth. The total capacity of solar parks in Bulgaria at the end of 2022 jumped by 38.5% compared to 2021, while there were almost no changes in other energy sources.

Regulatory Changes

In the field of energy storage systems, Bulgaria made some important changes in the regulatory framework in the past year, in line with the ambitions expressed in the National Recovery and Sustainability Plan. Expectations are that this topic will continue to be a focus in upcoming changes in the Energy Act.

You can find the full analysis here.

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