Bulgaria to Build Solar Plants with €55 Million Investment from Luxembourg
Bulgaria is set to develop photovoltaic power plants and energy storage systems with a €55 million investment from Luxembourg, targeting coal-mining regions by 2026. The project, funded through the EU's Financial Mechanism for Renewable Energy, aims to facilitate the transition to renewable energy while ensuring long-term employment and energy security. Luxembourg will receive green energy certificates in exchange for its investment, with the European Climate, Environment and Infrastructure Executive Agency overseeing the funding.
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Bulgaria received a €55 million investment from Luxembourg to develop photovoltaic power plants and energy storage systems in Pernik, Kyustendil, and Stara Zagora by 2026. The project, funded entirely by Luxembourg under the EU's Financial Mechanism for Renewable Energy, aims to support coal-mining regions in the energy transition.
Bulgaria will provide land for the facilities while Luxembourg receives green energy certificates to meet its climate targets. The European Climate, Environment and Infrastructure Executive Agency will manage the funding process, which is part of a broader European cohesion policy to aid regions transitioning away from coal. Facilities must operate for at least 15 years to ensure long-term employment and energy security.
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