EIB to support sustainable solutions in Bulgaria

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The European Investment Bank (EIB) will support the Bulgarian side through sustainable solutions in the process of achieving energy transition. This was agreed by Bulgaria’s Energy Minister Vladimir Malinov and EIB Vice-President Kyriacos Kakouris during a bilateral meeting.

During the visit to the Ministry of Energy, an agreement was signed between the National Electricity Company, NEK and the European Investment Bank for advisory assistance in preparing a feasibility study on the implementation of the Dospat and Batak PSHPPs.

“In meeting the energy transition objectives, we still have a number of challenges ahead of us, including storage of the energy produced. Pumped storage hydro power plants could become the largest energy storage batteries in the region,” Minister Malinov noted. He said the Bulgarian side would rely on the experience gained and expertise of the EIB throughout the process of implementing such a project, which would contribute to ensuring the security of the country’s electricity system. Vice-President Kakouris took the commitment to draw up all the necessary procedures to launch the feasibility study as soon as possible.

During their meeting, Minister Malinov and Vice-President Kakouris also outlined steps to speed up the Bank’s technical assistance activities in preparing a development and investment plan for the Maritsa-East complex.

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