Irish company Island Renewable Energy may build a wind park in the Northern Bulgarian Suhindol municipality,Nikolay Nikolov, its executive director for Southeast Europe, has announced.

The project, which may be launched after, wind measurements and a feasibility study, involves a 90-megawatt wind farm valued at EUR 130 M.

"If we decide to go ahead with the project, construction may start in some three years," Nikolov said, as cited by Bloomberg, adding that the conclusive decision also depends on whether the government will change its Renewable Energy Act.

According to a much discussed new Bulgarian Renewable Energy Act,arms and solar parks to set their price for feeding power to the grid only after construction is completed, which may cause problems in the planning stages.

An array of private investors and business associations have already expressed their disappointment with the provisions of the new Renewable Energy Act saying it is aimed at closing the market for many new investments.