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Italian Companies Eager to Invest in Bulgaria's Renewable Energy
Date: 19/04/2011
Italian Companies Eager to Invest in Bulgaria's Renewable Energy

A number of Italian companies have declared readiness to invest in the development of Bulgaria's renewable energy sector at a round table organized by Confindustria Bulgaria.

Confindustria Bulgaria, the association of Italian businesses working in the country, brought together key Bulgarian government figures and potential investors to explore the possibilities of Bulgaria's renewable energy sector. The event was organized in collaboration with Ice Sofia and with the support of Unicredit Bulbank, PVB Group, Italgen, Leitwind and Edison.

"Renewable energy represents a great opportunity for the Bulgarian economy and it's important to waste this opportunity for economic growth," Bulgarian Environment Minister Nona Karadzhova told the Italian companies. Deputy Agriculture Minister Svetlana Boyanova has in turn described biomass as a strategic sector for Bulgaria's renewable energy.

"A lot of Italian companies are ready to invest in Bulgarian renewable sector. Bulgaria has a great deal of potentialities to express in the green energy production: now is important to get these possibilities, also with right political choices, but we are sure that this country can win the challenge of the energy efficiency," declared in turn Massimo Bartocci, President of Confindustria Balcani, the association of Italian companies in the Balkans, which is currently based in Sofia.

Italian Ambassador to Bulgaria Stefano Benazzo himself stated he had "energetically hoped for the creation of a legal framework" from the Bulgarian government aimed at developing the investments in the renewable sector.

The matters of discussion at the round table included the strategies took by PVB and Enel in Bulgaria in particular in the wind and hydroelectric sectors, the presentation of the wind project Kavarna II achieved by Italgen and Leitwind, as well as the opportunities of the carbon credit system demonstrated by Edison.

The representatives of the Bulgarian government pointing out that the much anticipated draft Renewable Energy Act is currently being discussed by Parliament, and that its provisions are expected to facilitate investment in the sector.

"We are ready to support the investments of the Italian companies which want to contribute to a strategic sector for the development of the Bulgarian economy" the President of Unicredit Bulbank, Levon Hampartzoumian, stated during the round table.

"It's impossible to have development without energy and the main goal is to link the economic development with the environmental protection", the Chairman of the Consortium for renewable energies of Bulgaria Plamen Dilkov affirmed.

Confindustria Bulgaria is the association of Italian business enterprises in Bulgaria. Confindustria Bulgaria was founded in 2000 under the name Consultative Committee of the Italian Entrepreneurship in Bulgaria, and has 250 members at present including entities such as organizations as Unicredit Bulbank, Generali, Enel, Italcementi, along with small and medium Italian enterprises.

Confindustria Bulgaria's economic activities are worth EUR 2 B of foreign direct investment, and its members have a EUR 1.3 B of turnover. The member companies provide over 20 000 jobs in Bulgaria. Confindustria Bulgaria has been an associate member of Italy's Confindustria since 25th of March 2010, and last October, in collaboration with the others Italian business association in the Balkans, founded Confindustria Balcani.

Topic: Investments

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