Bulgaria gets 65 mln euro from EU for power grid upgrades

The funding is part of a 2.97 billion euro package allocated to 39 energy projects in ten EU member states through the European Union's Modernisation Fund, the EC said in a statement.

The investments will help member states meet their climate and energy targets and will contribute to the EU's goal of reaching climate neutrality by 2050.

The Bulgarian project envisages the reconstruction and upgrade of about 720 kilometres of overhead power lines from 220 kV to 400 kV and the upgrade of eight adjacent substations, according to the Modernisation Fund's website.

The initiative, named Greenabler, is set to be implemented by 2030. Bulgaria expects to receive a total of 567.7 million euro from the Modernisation Fund for the large-scale project.

In October, Bulgaria's state-owned Electricity System Operator (ESO) said it was kicking off a project to modernise and expand its grid at a total cost of 760 million euro.

($ = 0.9356 euro)