SOFIA (Bulgaria), January 7 (SeeNews) – Bulgaria’s Balchik Energy plans to invest some 43 million euro ($61.56 million) in three co-generation biomass-fired power plants, state-run Bulgarian news agency BTA reported on Thursday.
Project costs will be financed mainly through foreign capital.
The combined design capacity of the three units is 13.5 megawatts electricity and 36 megawatts heating energy, BTA quoted Balchik Energy CEO Kostadin Velev as saying. It gave no timeframe for the planned investment.
The project will be developed in the town of Balchik, on Bulgaria's northeastern Black Sea coast. The construction of the first co-generation unit with capacity of 1.5 megawatts electricity and five megawatts heating is expected to start in March, Velev said. It will process 5,000 tonnes of biomass per year.
Electricity generated from renewable resources, mostly water, currently covers less than 10% of Bulgaria's electricity consumption.
($ = 0.6984 euro)