No EBRD funds for three wind, one solar parks in Bulgaria

Earlier this year, the EBRD said it was considering lending 24.5 million euro ($32 million) to finance the construction and operation of three wind farms with a total installed capacity of 40 megawatts planned near the Bulgarian towns of Kavarna and Varna.

The multilateral lender was also mulling a 7.0 million euro loan for a 10 megawatts-peak photovoltaic power plant located in the villages of Dabovo and Vetren.

“[..] the Bulgarian government has vetoed these projects through the EBRD Board of Directors, stating a change in its renewable energy policy,” the EBRD communications department told SeeNews in an email on Thursday.

The EBRD board of directors represents the bank’s shareholders - 63 countries plus the European Union and European Investment Bank. The board director of the country in which a proposed project is located has a veto right.

($=0.775 euro)