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AES Bulgaria signs MoU to lead the energy transformation in the country

AES Bulgaria, the largest investor in the energy sector in the country and the Ministry of Energy signed a non-binding Memorandum of Understanding (MoU) under which the company engages to collaborate in and assist Bulgaria’s decarbonisation efforts along its way to a greener energy future providing AES affiliates’ knowledge and experience in innovative technologies and their market integration.

In particular, AES Bulgaria will explore the options of developing a combination of a solar project with a capacity of around 100 megawatts (MW) and a battery energy storage system (BESS), as well as a stand-alone grid-scale BESS project of 80 megawatt-hours (MWh) in the vicinity of Sofia.

“As a global technology leader and a pioneer in innovative green technologies, the AES Corporation embraces its mission to lead the energy transformation, accelerate the deployment of new solutions and products across the region and help all markets where we operate to become more sustainable,” said Olivier Marquette, President of AES Bulgaria.

The MoU also underlined that the power purchase agreement (PPA) concluded between AES Bulgaria and the electric firm Natsionalna Elektricheska Kompania as off-taker should be preserved until its expiry in 2026 and will not be extended thereafter, as envisaged in the National Recovery and Resilience Plan of Bulgaria published earlier in April. In this regard, AES Bulgaria will examine the options of converting/co-firing the coal-fired power project TPP AES Galabovo to natural gas/hydrogen, biomass or waste-derived fuel following the expiry of the PPA in May 2026.

“By signing this MoU, AES Bulgaria reconfirms its long-term engagement with the Bulgarian energy sector, where we operate the most modern thermal power plant,” said Ivan Tzankov, Managing Director of AES Bulgaria. “TPP AES Galabovo generates annually 9 per cent of the national energy mix and in addition to guaranteeing the security of supply, provides also important system services for the stability of the entire energy network in the country. Therefore, we are committed to maintaining the important role our capacity plays in the national energy system.”

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