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Renewable Energy in Bulgariа | 2023 edition

Prepared by SeeNext and Gugushev & Partners this report provides a comprehensive analysis of the Bulgarian renewable energy market, including market dynamics over the period 2020-2022, regulatory changes up until October 2023 and a review of significant investments over the last two years. 

This year’s edition of the Renewable Energy Industry in Bulgariа Report comes with a special focus on two hot topics – the development of the market for power purchase agreements (PPAs) and Bulgaria’s progress in the area of energy storage.

Some of the highlights:

  • Local investors continue to dominate the Renewable Energy sector, with around 70% of the companies being operated by Bulgarian individuals or companies.

  • The analysis covers 480 local companies due to a change in the methodology. 

  • In 2022, the country’s cumulative solar capacity experiences a remarkable jump of 38.5%.

  • Italy and Germany continue to lead as top foreign investors in the sector. 

  • Bulgaria has made some important changes to the regulatory framework in the last year in the field of electric energy storage systems.

Download the latest Renewable Energy Industry in Bulgaria report now.

Capacity Capital Funding Corporate Strategy Government Policy/Regulation Market share
Biomass/Biogas Electricity generation Energy storage Energy/Utilities Grid modernisation Hydrogen Hydropower Onshore wind Power & gas distribution Renewable Energy Solar Turbines/Power equipment

Our partners:

This report is prepared in collaboration with Gugushev & Partners Law Office

Gugushev & Partners Law Office is a leading law firm in Bulgaria with significant expertise and experience in the field of energy with a focus on the renewable energy sector. The firm provides the full spectrum of legal services necessary for the successful development and exploitation of RES projects, making it the trusted legal adviser to some of the most significant projects developed in Bulgaria in the past decade.

Over the past sixteen years, Gugushev & Partners Law Office has established itself as one of the leading consultants also in the areas of corporate and commercial law, M&A, banking and finance, capital markets, dispute resolution, real estate and construction, tax and international tax planning, employment law, public procurement, intellectual property and data protection, technology and telecommunication among others. The expertise of the team is recognized by various international legal directories such as Chambers & Partners and Legal 500 and the firm is awarded twice as “Law Firm of the Year” for Bulgaria in 2015 and 2017.

Gugushev & Partners Law Office provides its Clients a high level of professionalism and innovative legal solutions, integrated with excellent customer service and a business-oriented approach. Through its partners from PONTES the CEE lawyers and Lexwork International, Gugushev & Partners Law Office offers prime integrated legal services in more than 120 metropolises in 45 jurisdictions worldwide.

Download Renewable Energy in Bulgaria | 2023 edition


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