site.btaAxpo Greece, Advance Green Energy Sign Financial Agreement for Battery Storage System in Lovech

Axpo Greece, part of Swiss energy company Axpo Group, and Advance Green Energy Tuesday signed a long-term financial agreement to hedge the market revenues of Bulgaria's first and largest battery energy storage system in the Balkan Industrial Park near Lovech, Axpo Greece said.

Axpo Greece Managing Director Vasilis Machias said: "Through this collaboration, we are reaffirming our commitment to delivering innovative solutions that enable the growth of renewable energy and energy storage in emerging markets." 

Georgi Domuschiev, Chairman of the Board of Directors of Advance Green Energy, said: "Partnering with Axpo on this long-term agreement validates our vision as a renewable energy leader in Bulgaria." He added that the deal provides the financial certainty needed to continue investing in grid stability and renewable integration, while serving as a blueprint for similar projects in the region.

The battery energy storage system, owned and operated by Advance Green Energy AD, with an installed capacity of 124 MW and a capacity of 496.2 MWh opened in 2025, with the investment made by Advance Green Energy amounting to EUR 75 million. The facility includes 111 batteries, 666 inverters and 32 transformers for its own needs and remains the largest of its kind in the Balkans. It is operating at full capacity and plays an important role in maintaining a stable grid and the integration of renewable capacities in the energy system of the region.