The European Commission Approved nearly 94 Million Euros for a New Power Plant in Bulgaria

Business » ENERGY | November 25, 2019, Monday // 20:03| Views: | Comments: 0
Bulgaria: The European Commission Approved nearly 94 Million Euros for a New Power Plant in Bulgaria www.pixabay.com

The European Commission approved nearly 94 million euros for a high-efficiency cogeneration plant in Bulgaria. It will generate heat and electricity of approximately 55 MW for heat and 19 MW for electricity. 

Nearly 180,000 tons of unrecyclable waste will be used as fuel on an annual basis. The installation, set up by Toplofikacia EAD, will be connected to the Sofia-district heating network. Its construction should complete by the end of 2023.

"European support will help Bulgaria achieve its energy efficiency targets and contribute to reducing carbon dioxide emissions in line with EU environmental targets without unduly distorting competition," EU Competition Commissioner Margaret Westerger commented.

EC funds are divided into two separate measures: a direct grant of approximately EUR 90.8 million (about BGN 177.6 million), financed by EU structural funds managed by Bulgaria, and a loan granted from the Sofia Municipality of Toplofikacia EAD with a preferential interest amounting to approximately EUR 3 million (about BGN 5.8 million).

 

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Tags: European Commission, plant, Bulgaria
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