site.btaEuropean Investment Bank to Support Bulgaria during Energy Transition

During a bilateral meeting between the caretaker Minister of Energy Vladimir Malinov and Vice-President of the European Investment Bank (EIB) Kyriacos Kakouris, the two agreed that the EIB will support Bulgaria through sustainable solutions in the process of achieving energy transition. Malinov said that EIB's involvement in key energy projects will contribute to their successful implementation, his Ministry reported here on Wednesday.

Within the framework of Kakouris's visit, the National Electricity Company (NEK) EAD and the EIB signed an agreement for consultancy assistance in the preparation of a feasibility study for the implementation of the Dospat and Batak pumped-storage power plants. Per the agreement, the Bank will provide NEK with a technical assistance grant in order to finance the pre-feasibility and feasibility studies.

Malinov said: "We still face a number of challenges in meeting our energy transition goals, including the storage of the energy produced. Pumped-storage hydropower plants could become the largest energy storage batteries in the region." He added that Bulgaria will rely on EIB's expertise throughout the process of implementing such a project, which will contribute to ensuring the security of the country's electricity system. Kakouris is committed to preparing all the necessary procedures to start the feasibility study as soon as possible.

Malinov and Kakouris also outlined steps to accelerate the Bank's technical assistance activities in preparing a development and investment plan for the Maritsa East coal mines.