site.btaEnergy Ministry, EBRD Sign Key Agreements

Energy Ministry, EBRD Sign Key Agreements
Energy Ministry, EBRD Sign Key Agreements
Energy Ministry Photo

Two agreements that are key to Bulgaria's National Recovery and Resilience Plan (NRRP) were signed here on Friday between this country's Energy Ministry and the European Bank for Reconstruction and Development (EBRD), the Ministry said in a press release.

The agreements support the implementation of two projects: Investment 6 (C4.I6) for support for new capacities for the production of electricity from renewable sources (RES) and electricity storage, and Investment 8 (C4. I8) for the National Infrastructure for Storage of Electricity from Renewable Sources (RESTORE).

EBRD will analyze comprehensively all exiting power storage technologies and will determine which are most suitable for Bulgaria. Then the European Bank will invite tenders for turnkey delivery (design, supply of equipment, construction and commissioning) of two systems. This will maximize the benefits of the planned storage capacity for the Bulgarian energy system.

All options will be explored, not just batteries, the press release specified.

Energy Minister Rossen Hristov, who signed the agreements together with EBRD First Vice President Jurgen Rigterink, said that the broad scope of the terms of reference ensures maximum safeguarding of the public interest, whereas the EBRD’s indisputable capacity will be used to the full extent. Hristov thanked the Bank's representatives for their flexibility and understanding and the two negotiating teams for staying within the NRRP schedule.

The sides also considered other opportunities for future cooperation and outlined specific initiatives.

Taking part in the talks were deputy energy ministers Iva Petrova and Elenko Bozhkov for Bulgaria and, for EBRD, Board Alternate Director for Bulgaria Karina Karaivanova, Regional Director for Romania and Bulgaria Mark Davis, Head of Bulgaria Anca Ionescu, the Principal Energy Economist in the Bank's Climate Strategy & Delivery (CSD) team Chris Basinski, and Associate Director Svetlin Pislenski.

/LG/

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By 21:34 on 28.03.2024 Today`s news

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