German’s RWE Shows Interest in Renewable Energy Projects in Bulgaria

RWE CEO Juergen Grossmann expressed interest in hydro power projects and wind farm investments in Bulgaria, RWE said in a statement late on Tuesday, after the end of a meeting with Bulgaria’s Prime Minister Sergei Stanishev.

Bulgaria’s government picked RWE as a strategic investor in 49% of Belene in early October, as the state-run power utility NEK will hold the majority stake of 51%. Earlier last month Bulgaria said it gave RWE several more months, until spring, to decide whether it will become a strategic investor in the project.

RWE is confident that the negotiations will be concluded soon, the company said in the statement.

Austrian power utility EVN, Swiss energy group Atel, Portuguese renewable energy firm Martifer Renewables, the world's largest wind turbine producer Vestas Wind Systems, U.S.-based EIG Renewables, Italy’s Enel, U.S. AES are also interested in renewable energy project in Bulgaria.

Bulgaria, which joined the European Union in 2007, should generate at least 11% of its electricity from renewable sources by 2010 and 16% by 2020 under agreements with the union. At present, the share of renewable energy produced in Bulgaria is around five percent and almost all of it is generated by hydropower plants.

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