Gugushev & Partners Law Office collaborated on the fourth edition of the Renewable Energy Industry in Bulgaria report

Gugushev & Partners Law Office collaborated on the fourth edition of the Renewable Energy Industry in Bulgaria report with SeeNext, highlighting the country’s renewed potential in wind energy investment.

Bulgaria is paving the way for a resurgence in wind energy investment after years of stagnation, as detailed in a new study produced by business intelligence provider SeeNext, in collaboration with Gugushev & Partners Law Office. This comprehensive report provides a detailed overview of the regulatory advancements, investment opportunities, and challenges shaping the future of wind energy in Bulgaria.

The study underscores the potential of wind energy to become a key contributor to Bulgaria’s renewable energy portfolio, while also offering a financial analysis of the broader renewable energy sector and profiling recent major investments in green energy projects across the country.

The Current State of Wind Energy in Bulgaria:

• By the end of 2023, Bulgaria’s installed wind capacity reached 705 MW, accounting for 3.9% of the nation’s annual gross electricity generation.
• Wind farms in Bulgaria generated 1,584 GWh in 2023, marking a 5.9% year-on-year increase.
• Official strategic documents indicate a target of increasing wind capacity by 249 MW by 2030.

The Revival of Wind Power in Bulgaria
Historically hampered by regulatory and logistical challenges, Bulgaria’s wind energy sector is now primed for significant growth. Recent legislative reforms aim to simplify administrative processes and promote offshore wind projects, while collaborative initiatives with neighbouring countries seek to harness the Black Sea’s untapped wind energy potential.

Bulgaria’s Expanding Renewable Energy Ecosystem:
The study’s financial analysis of Bulgaria’s renewable energy sector, encompassing 408 companies, reveals:

• Dominance of solar and wind: Firms specializing in solar and wind energy management make up 64% of the sector.
• Geographic distribution: Key operational hubs include Sofia, Plovdiv, Stara Zagora, Burgas, Varna, and Dobrich.
• Revenue trends: Total sector revenue in 2023 was approximately EUR 1.9 billion, reflecting a 20% decline compared to 2022.
• Profit margins: Despite challenges, profit margins across renewable energy companies remained positive at 12%, highlighting sustained efficiencies.
• Employment impact: The sector supported approximately 12,000 jobs in 2023.

The findings emphasize the growing importance of wind energy in Bulgaria’s renewable energy mix and highlight the country’s commitment to a sustainable energy future.

Senior Partner Kostadinka Deleva played a key role in developing this study, leveraging her extensive expertise in energy law and regulatory frameworks.

“This report demonstrates Bulgaria’s readiness to embrace the next phase of wind energy development.” said atty. Deleva.

The full study is available for review, here:

Renewable Energy in Bulgariа | 2024 edition | SeeNext