AES Bulgaria Reconfirms its Commitment to Bulgaria’s Greener Energy Future

AES Bulgaria and the Ministry of Energy (MoE) of the Republic of Bulgaria signed a non-binding Memorandum of Understanding (MoU) at a ceremony in Sofia, Bulgaria. On behalf of AES Bulgaria, the MoU was signed by the managing director Ivan Tzankov, and on behalf of MoE, it was signed by the Minister of Energy, Alexander Nikolov.

AES Bulgaria has been the largest investor in the Bulgarian energy sector for the last 30 years and a long-term strategic partner of the country. Under the MoU, the company engages to collaborate in and assist Bulgaria’s decarbonization efforts along its way to a greener energy future providing AES affiliates’ knowledge and experience in innovative technologies and their market integration. AES Bulgaria will explore the options of developing a combination of a solar project with a capacity of around 100MW and battery energy storage system (BESS), as well as a stand-alone grid scale BESS project of 80MWh 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 notes that the power purchase agreement (PPA) concluded between AES Bulgaria and Natsionalna Elektricheska Kompania EAD 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 the Republic of Bulgaria published on April 6, 2022. In this regard, AES Bulgaria will examine the options of converting/co-firing TPP AES Galabovo to natural gas/hydrogen, biomass or waste-derived fuel (Solid Recovered Fuel or “SRF”) 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% 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”, added Ivan Tzankov.

In addition to being a reliable power producer AES Bulgaria is also a loyal partner to the communities where it operates. Since the start of its operations, the funds allocated by AES Bulgaria for various projects of public importance amount to nearly BGN 15 million. The company’s Corporate Social Responsibility program is focusing on three main priorities – education, healthcare, and infrastructure.

About AES Bulgaria

AES Bulgaria is the largest investor in the energy sector in Bulgaria. The company owns and operates the newest and most advanced thermal power plant in Southeast Europe – TPP AES Galabovo – and is the majority owner and operator of the largest wind farm in the country – Saint Nikola WPP near the town of Kavarna.

To learn more, visit Follow AES Bulgaria on Facebook here: @AESBG and Youtube: AES Bulgaria.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global power company that accelerates the future of energy. Together with our many stakeholders, we are improving lives by providing greener, smarter energy solutions that the world needs. Our diverse global team is committed to permanent innovation and high operational results while collaborating with our customers in their strategic energy transition and continuing to meet their energy needs today.

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