August 6, 2025
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Bulgaria on track to add 1.5 GW of solar power by mid-2026

The pace of large photovoltaic projects in Bulgaria indicates that total capacity can reach 6 GW by the middle of next year. The expansion isn’t slowing down.

Investors in large solar power plants in Bulgaria don’t seem intimidated by zero and negative wholesale electricity prices eating away at their revenues. One of the factors is a surge in the construction of battery energy storage systems (BESS), which iron out the gap between intraday peak production and the power demand curve. In a new analysis, Capital.bg estimated that the country’s photovoltaic capacity is set to increase by 1.5 GW by the end of the first half of next year, only accounting for big projects.

The total would reach 6 GW. The report lists 14 projects, of which some are benefitting from BESS grants from one of Bulgaria’s past tenders.

Chinese group building largest current PV project

The biggest solar park under construction is Simeonovgrad-Polyanovo, consisting of two units of 250 MW in total. It is located in the Haskovo region in the southern part of the country.

United Energy Group bought the two projects last year. It it the first significant Chinese investment in Bulgaria, the article reads. The PV plant is expected to be put into operation early next year.

The construction of the first phase of the Tenevo hybrid power plant began almost two years ago

Next on the list is Tenevo. Almost two years ago, Eurowind Energy and Renalfa IPP marked the start of the construction of the solar segment of a hybrid power plant near Yambol. The PV park is envisaged with 237.6 MW in peak capacity and a 213.7 MW grid connection.

The largest solar power plant in Bulgaria is called Apriltsi.

St. George coming online before year-end

Czech company Rezolv Energy bought the St. George project for 229 MW two years ago and broke ground at the construction site last autumn. According to the latest data, the investment is worth almost BGN 1 billion (EUR 511 million) and it is coming online by the end of the year. The developer secured a 199 MW connection.

Greek government-controlled utility Public Power Corp. (PPC) is commissionning its Colosseum (Kolizeum) facility of 165 MW in the coming months, the update reveals. The project in Chirpan has an approved network connection of 120 MW. The company is planning to add batteries of 25 MW in capability and a capacity of 55 MWh.

The company is also building an 88 MW in Vedrare near Plovdiv. The contractor for the facility in the municipality of Karlovo is Chint Green Energy of the Chint Group. The power plant is on track to become operational early next year.

A 123 MW system will be on 400 hectares between the villages of Knizhovnik and Dolno Vojvodino in Haskovo. Austria-based Enery said it would install a BESS of 180 MWh next to its solar park.

Electrohold is testing its Maglizh PV plant, the article adds. The project for 100 MW occupies 127 hectares and the estimated investment is almost EUR 90 million. The plan was changed along the way.

Top Energy Solutions has a construction permit for its Loznitsa project in northeastern Bulgaria. The project is for a peak capacity of 115 MW and a grid connection of 99.99 MW, spanning 82.4 hectares. It is located at the villages of Vesselina and Kamenar in the Loznitsa municipality, Razgrad district.

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August 4, 2025
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Bulgaria preparing more BESS subsidies amid boom in construction of large facilities

The Ministry of Energy of Bulgaria is reportedly working on a public call for EUR 120 million in state aid for investments in battery energy storage systems of 1.5 GWh overall. Many projects have been stuck since the European Union suspended funding, but major deals are underway nevertheless, alongside the construction of large facilities.

Bulgaria has managed to renegotiate the terms of the National Recovery and Resilience Plan (NNRP) with the European Commission, allocating another EUR 120 million for support for battery energy storage systems (BESS). Instead of awarding the grants to the projects that didn’t meet the quota in the National Infrastructure for Storage of Electricity from Renewable Sources (RESTORE) call for standalone facilities, the Ministry of Energy is preparing a separate competitive procedure, Kapital reported.

The EUR 120 million is apparently intended for supporting 1.5 GWh, compared to EUR 587 million last time, for 9.7 GWh. The move is far-fetched, as all battery facilities under the NRRP are required to come online already by the end of March.

The EU has blocked payments to Bulgaria from its Recovery and Resilience Facility (RRF), adding to the crunch. It’s why the winners from the RESTORE procedure still haven’t signed their contracts. However, the next tranche could be released soon.

Developers, contractors counting gigawatt-hours in BESS projects in Bulgaria

Small players are stretched the most by the lack of financing. On the other hand, many projects are advancing even before or without the grants.

Sunterra Re has entered into a strategic partnership with Sungrow to add the China-based company’s BESS solutions to its largest three solar power plants in Bulgaria. Total storage capacity is envisaged at more than 1 GWh. The Bulgarian operator said it already has 300 MWh.

Sunotec has struck massive deals for the deployment of its BESS solutions in Bulgaria

The deal is for the MV-Power Titan 2.0 lithium-iron-phosphate batteries and accompanying equipment and software. Sunterra Re owns PV plants Dalgo Pole (208 MW) Galabovo (201.4 MW) Karlovo (115 MW) and Pleven (9.6 MW).

Sungrow has just achieved another massive deal, with Sunotec.

Solaris Holding, a joint venture of the Bulgarian-German Sunotec and the main shareholders of Eurohold Bulgaria (Evrohold), recently commissioned a large hybrid power plant.

Bulgaria is among EU’s strongest BESS markets

Two months ago, a BESS facility of 124.1 MW in operating power, the largest in the country, was inaugurated in Lovech. At the time, the Ministry of Energy claimed it was the biggest in the EU.

Of note, Bulgarian company International Power Supply (IPS) is opening a factory for battery energy storage systems near Sofia. However, the Association for Production, Storage and Trading of Electricity (APSTE) warned that the government’s recycling levy for the installation of photovoltaic panels and BESS is five to 10 times higher than EU averages.

Bulgaria is one of the most lucrative markets for battery storage in Europe, given its wide range between the highest and lowest intraday wholesale electricity price.

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July 30, 2025
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Turkish renewables firm to drill for geothermal lithium

Margün Energy intends to search for lithium in geothermal waters in Seferihisar in western Turkey, where it took over a 12 MW geothermal power plant. It also launched a project to add a photovoltaic unit of 5.4 MW to the existing facility and create a hybrid power plant.

Turkey, the fourth in the world in geothermal power capacity, also has significant potential for lithium extraction. The production of the mineral used in batteries can increase the cost-effectiveness of geothermal energy projects. Margün Energy, listed at the Istanbul Stock Exchange since 2021, said it would conduct exploration works on 3,125 hectares in Izmir province.

The company recently bought a geothermal power plant in the area for USD 16 million from RSC Elektrik. The 12 MW facility is in Kavakdere in Seferihisar district. Margün Energy denied speculation that it would mine lithium.

If it finds a valuable amount of the mineral in geothermal water, it will build an extraction plant, according to the update. Margün Energy issued the statement after local residents expressed concern over potential environmental damage from lithium mining.

“We have not obtained any mining permits. Furthermore, Margün Energy is not a mining company… Mining lithium, which is used in battery production, and extracting lithium from geothermal fluid by separating it are very different things,” the announcement reads.

Margün Energy to look for precious metals as well

The company said it would continue its investments in geothermal energy such as electricity production and greenhouse farming, arguing it would create jobs for locals. It suggested it could extract carbon dioxide for commercial use as well.

Margün Energy added it would explore the presence of precious metals in geothermal fluids.

Planned PV unit to generate 10 GWh per year

In addition, it submitted a proposal to the country’s Energy Market Regulatory Authority (EMRA or EPDK) for the installation of a photovoltaic unit with 5.4 MW in peak capacity. It would be added to the existing facility, creating a hybrid power plant. The solar power system would generate 10 GWh per year and increase revenue by USD 1.05 million, the company estimated.

The PV plant would lift Margün Energy’s total capacity to 135.4 MW. The company mostly operates solar power plants and works as a contractor for engineering, procurement and construction (EPC) and operations and maintenance.

Notably, it owns the largest stake in Enda Energy Holding. The affiliate operates four hydropower plants, five wind power plants, one geothermal power plant and three solar power plants of 200 MW altogether.

Margün Energy rallied 109% since the beginning of the year.

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July 16, 2025
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Slovenia publishes call for incentives for wind, solar power projects

Solar and wind power projects with or without energy storage that are on Slovenia’s priority list can be submitted for grants from the European Union’s Modernisation Fund. The round is worth EUR 29.5 million and the deadline is January 7. Notably, of the 1,117 projects for renewables and cogeneration approved for state support so far, only 254 were completed by the end of 2024.

The Ministry of the Environment, Climate and Energy launched a public call for cofunding under a mechanism for the modernization of energy systems in Slovenia and improvement of energy efficiency. It is for projects for solar and wind power plants, with or without storage, from the so-called A list of indicative, priority investments.

Eligible companies can receive support from the EU’s Modernisation Fund under the RES Scheme (Part A). It was approved by the European Investment Bank. The list was published in March of last year.

Total planned support amounts to over EUR 84 million and the selected projects must be completed by the end of September 2030. The deadline for submissions in the current round is January 7, 2026.

The grants can cover up to 45% of the costs for photovoltaic and wind power systems and a maximum of 30% of the electricity storage segment, the documentation shows. Storage capacity must be at least 0.75 kWh per kW of the nominal capacity of the power plant.

All five eligible projects are within state-owned HSE Group

There are 21 items on the A list and most are power grid investments. Only five are for renewables, of which Dravske elektrarne Maribor (DEM) is present with its controversial Ojstrica wind farm project, the proposed expansion of the Zlatoličje-Formin solar park, and the ZOOP photovoltaic project for 9.9 MW in peak capacity on the former Pobrežje waste landfill.

The largest priority investment among the ones that can apply in the current round is HSE’s proposed floating PV plant with batteries

The company is part of state-owned Holding Slovenske elektrarne – HSE. Another subsidiary on the list, Soške elektrarne Nova Gorica (SENG), intends to expand its recently commissioned Kanalski Vrh solar power plant.

HSE itself has the largest project – for the Družmirje floating solar power plant, which would include storage. It also plans to produce green hydrogen using electricity from the facility.

Few completed energy production projects among ones selected through public calls

The Energy Agency of Slovenia has so far approved 1,117 renewables and cogeneration projects to enter the support scheme, selected through 13 public calls. The combined planned capacity is 794 MW, of which there were 996 renewable energy projects, for 682 MW.

However, only 254 endeavors, with 112.6 MW altogether, were completed by the end of last year. In the previous round, the agency selected 507 projects, for a total nominal capacity of just over 259 MW, mostly for PV plants.

Of note, lengthy procedures, strict environmental rules and local opposition are keeping Slovenia at the bottom of the European Union’s wind power capacity chart in the European Union. The country hosts just three standalone wind turbines and DEM has contracted the fourth one.

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July 7, 2025
by in News

Foreign renewable energy investors remain committed to Romania as large plants coming online

Renewable energy companies from abroad aren’t intimidated by negative power prices in Romania, especially with the battery storage segment accelerating. Energy giants EDP Renewables and Engie have new solar power plants, and more renewable energy facilities are coming online, while the government is disbursing European grants.

The renewable energy market in Greece is consolidating and a number of foreign investors are leaving, but some other countries in the region that Balkan Green Energy News tracks remain attractive, especially Romania and Turkey. Big names from abroad keep coming, and the established ones are commissioning facilities and committing to more projects.

Like elsewhere in Europe and beyond, the increasing occurrence of low, zero and negative power prices are impacting the sentiment in Romania. But funding from the European Union, the government’s administrative support, renewable energy auctions and bets on battery storage seemingly outweigh the current risks.

EDPR’s new photovoltaic park Albina will generate 67 GWh per year

EDP Renewables (EDPR), subsidiary of Portuguese energy giant EDP, recently inaugurated its Albina photovoltaic plant. Located in western Romania, just outside of the city of Timisoara, the renewable energy unit came online late last year.

Albina has 60 MW in peak capacity and a 48.8 MW grid connection. The company expects it to generate 67 GWh per year. EDP said that with the new plant it reinforces its commitment to Romania. It operates wind and solar power plants in the country of over 570 MW in combined capacity.

Engie praises renewable energy potential in Romania

Engie Romania commissioned the sixth photovoltaic park in its portfolio. It is located in the commune of Ariceștii Rahtivani in Prahova county. Together with the new facility, of 37.2 MW in peak capacity, French Engie’s branch in Romania now has 248 MW in renewable energy in operation.

The site covers ​​57 hectares. Estimated annual output is 57 GWh. The firm owns three wind farms of 178 MW in total while its six PV systems have 70.3 MW in overall peak capacity. Last year it built one of the first hybrid power plants in the country.

Engie Romania said the new plant strengthened its position and praised the country’s “significant potential” in the renewable energy segment. The firm targets 1 GW in the country by 2030. It also distributes natural gas and supplies both gas and electricity, and offers energy services.

Rezolv building one of largest wind power plants in Europe

The Vifor wind farm in Buzău county, northeast of Bucharest, is almost half done. Rezolv Energy plans to finish it in 2027. The first phase is for 192 MW, with a planned expansion to a colossal 461 MW.

The company purchased Vestas turbines for the wind park, which is set to become the largest in Europe and the second-largest in Romania. The developer won a fixed electricity price for 15 years in the form of a contract for difference at the country’s renewable energy auction. The wind power plant will also benefit from a power purchase agreement (PPA).

Wind farm of 99.2 MW Galaţi in to launch operations next year

OX2 is building the Green Breeze wind farm, delivering the project as a turnkey construction project for the investor, Nala Renewables. The project involves 16 Vestas V162-6.2 MW turbines, or 99.2 MW altogether. Annual production at the future wind power plant in Galaţi in the eastern part of the country is 312 GWh, according to the estimate.

The facility is on schedule for the start of operations in the first half of next year. Together with Green Breeze, OX2 is working on 620 MW in five wind power projects. The Swedish company has said it intends to grow and diversify in the country.

Enery from Austria lining up renewable electricity plants in Romania

Romania-based Enevo announced that it started building a solar park of 54.2 MW in peak capacity for Enery Development.

Also in Dâmbovița county, Enery Element, the joint venture of the Austrian company with Element Power Group, has a project for a battery-backed PV park.

Total investment is some EUR 27.5 million, of which EUR 2.4 million is from the EU’s Modernisation Fund. The solar power component is 74 MW and the battery energy storage system (BESS) would provide 10.2 MWh in capacity. The location, formally run by project firm Gura Solar Plant, is in the Gura Ocniței commune.

Ecoener, headquartered in Spain, is developing an agrivoltaic project of 11 MW

A Spanish group with an annual turnover of almost EUR 100 million wants to build the first agrisolar park in Iași county, in the commune of Țibănești. Solar panels of 11 MW in total peak capacity would be placed 1.5 meters above ground. The investor, Ecoener, established a Romanian subsidiary for the endeavor: Ecoener Țibănești.

Greece’s PPC turning its wind, PV facilities into hybrid power plants with battery storage

Greek state-controlled Public Power Corp. (PPC) is developing a BESS investment through its firm Sun Challenge, which operates the Lumina solar power project in Călugăreni, Giurgiu county. The PV facility of 63 MW in peak capacity has been online for two years now. Lumina is PPC Renewables’ largest solar power unit in Romania.

It is one in a string of the Greek company’s energy storage projects. PPC plans BESS at its wind farms Topolog (27 MWh), Corugea (80 MWh) and Sălbatica (60 MWh) in Tulcea county. It slated another 120 MWh in total storage capacity at wind power plants Nicolae Bălcescu and Târgușor in Constanța county.

PPC operates wind, photovoltaic and hydropower capacity in Romania of 1.3 GW overall

The Fântânele-Cogealac-Gradina wind farm, which PPC took over from Macquarie Asset Management, already includes a BESS facility. The 600 MW facility is the largest in Romania of its kind.

In Prahova, PPC Renewables Romania plans a 10 MWh storage system at the Berceni 1 photovoltaic park, with an installed capacity of 9.8 MW. Another storage system, of 8 MWh, would be integrated with the Colibași photovoltaic park (7 MW) in Giurgiu county.

PPC operates wind, photovoltaic and hydropower capacity in Romania of 1.3 GW overall.

Turkey-based YEO Technologies, Danish company Eurowind Energy and Solarpro, a contractor from neighboring Bulgaria, all have new investment updates, too.

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July 4, 2025
by in News

YEO’s Defic Globe buys projects for 219 MW in Romania amid rebranding

Defic Globe, YEO’s Istanbul-based joint venture with Emsolt Investments, acquired 15 project firms developing plans for power plants of 219 MW in total. The portfolio also brings a potential 320 MWh in battery energy storage systems (BESS). Separately, YEO launched its CALL Energy brand, which aims to build 1 GW in capacity by 2030.

Through its subsidiary Defic Globe, YEO Technology (YEO Teknoloji Enerji ve Endüstri) is continuing its expansion in Romania. The Istanbul-based joint venture with Emsolt Investments took over 15 special purpose vehicles (SPVs) or firms for particular investments. They are developing projects for power plants of 218.7 MW in overall peak capacity.

The facilities would be of different sizes and in various locations around Romania, the company said. In addition, the new portfolio brings the possibility for building BESS units with a combined capacity of 320 MWh, according to the update.

YEO, which holds 51% of Defic Globe, estimated the total investment at EUR 220 million. It said the acquisition grows its project portfolio in Romania to 590 MW in peak capacity. Some facilities are operational or under construction, and the others are in the planning phase.

The group comprises direct investments and joint endeavors with Shanghai Electric Power, Scatec and other international companies.

New brand CALL Energy investing up to USD 1 billion

YEO is active in more than 30 countries, delivering turnkey solutions in energy and industrial systems. In the Balkans, in addition to its energy expertise role, it invests in renewable energy projects.

The company carries out projects in areas from advanced energy storage solutions to power grids, high voltage transformer centers, renewable energy plants, industrial, commercial facilities and household energy conversion to hydrogen. YEO was a friend of this year’s edition of Belgrade Energy Forum, organized by Balkan Green Energy News.

Separately, the company launched its CALL Energy brand, formerly YEO Energy (YEO Enerji), and appointed Sacit Akbaş as the subsidiary’s chief executive officer. It aims to invest between USD 750 million and USD 1 billion, of which up to 70% abroad, to build 1 GW in capacity by 2030.

Projects for 1.5 GW in ten countries

Under the slogan CALL to Renewable Energy, the firm intends to develop large-scale projects, especially in Europe. The target growth markets are the eastern part of Europe and the Sub-Saharan regions of Africa, it revealed.

YEO Technology’s renewable energy arm operates 32.6 MW in peak capacity in Romania and Italy. It is about to boost the Romanian part to over 190 MW in peak capacity this year, with two power plants under construction. The project portfolio amounts to 1.5 GW.

YEO Technology’s renewable energy arm counts on growth through EPC services as well

CEO Akbaş came from Enerjisa, where he was the energy solutions director for more than two years. He said more than 30 projects are underway in ten countries on three continents.

CALL Energy also sees growth opportunities in contracting engineering, procurement and construction (EPC) services through the said endeavors. It added that it would engage in asset management as well.

The firm highlighted its preliminary licenses for nine battery-backed solar power projects in Turkey, of 346 MW in total connection capacity. It slated two of them for the start of construction next year. Furthermore, permitting is nearly complete for four hydropower projects of 32 MW altogether. The sites are on the Aras river in eastern Turkey.

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July 3, 2025
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Solaris Holding launches production at large hybrid renewable energy park in Bulgaria

The new Selanovtsi solar farm of 59.8 MW in peak capacity near Vratsa was installed alongside a battery energy storage system of 107.3 MWh in capacity. The hybrid energy park, owned by Solaris Holding, is now accumulating the midday output and releasing it into the grid at hours of increased demand.

Engineering, supply and construction company Solaris Holding, a joint venture of the Bulgarian-German Sunotec and the main shareholders of Eurohold Bulgaria (Evrohold), launched the operation of a hybrid power plant in the municipality of Oryahovo in Vratsa district. The project in the country’s northwest is financed by United Bulgarian Bank (UBB or OBB) and the German Varengold Bank.

The Selanovtsi solar power plant’s peak capacity is 59.8 MW. It is integrated with a new battery energy storage system (BESS) of 107.3 MWh. Annual output is estimated at 79.9 GWh. It is equivalent to the energy needs of more than 22,000 households and it saves more than a million tons of carbon dioxide emissions, according to the developer.

Electrohold Trade, part of Electrohold Group and Eurohold, is responsible for the sale of electricity.

Hybrid power plant generating 79.9 GWh per year

The Selanovtsi facility, located near an eponymous village, spans 37.9 hectares. It consists of 103,116 solar modules. A team of 250 people built the hybrid renewable energy park, which features lithium-ion-phosphate (LFP) batteries, according to the update.

During the hours of lower consumption, the integrated system stores the green energy and delivers it to the grid around the daily demand peaks. It ensures a more balanced load on the electricity system, increases its stability and efficiency, and contributes to a more reliable integration of renewable sources into the national grid, the statement adds.

Solaris has four even larger projects underway

Solaris plans to commission four more battery-powered photovoltaic plants, even larger in size. In September, it inaugurated a hybrid solar power and storage facility in Pernik.

BESS has become a standard element of PV projects in Bulgaria. In addition, the country’s battery manufacturing capacity is growing and the government has completed its tenders for state support to BESS combined with renewable energy plants, and for standalone units. But even before the subsidies, there are facilities under construction.

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July 2, 2025
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Vatopedi monastery on Mt. Athos gets largest grid-forming BESS in Greece

A grid-forming battery energy storage system of 3 MW was put into trial operation at the Vatopedi monastery on Mount Athos. The project is part of the green energy transition of the monastic republic in northern Greece.

The Sacred Patriarchal and Stavopegial Monastery of Vatopedi, founded in the 10th century, has a microgrid. Engineering, procurement and construction (EPC) contractor ENGAIA said it installed the largest grid-forming battery energy storage system (BESS) in Greece at the site. The facility with 3 MW in operating power and a capacity of 6 MWh is also the largest in the country, according to the company.

The Monastic Republic of Mount Athos of 20 monasteries in the Chalkidiki peninsula in northern Greece isn’t connected to the national electricity network. Reliant until recently only on diesel-fired generators and solid fuel, the self-governing area is shifting to solar power with storage.

Not long ago, Mount Athos relied on diesel-fired generators and solid fuel for its energy needs

ENGAIA, a Greek member of the London-based ECOERA group of companies, is also adding a 1.1 MW photovoltaic unit. It said it would enable it to commission the battery facility fully.

The company stressed that the independent microgrid with a virtual synchronous generator (VSG) at Vatopedi, enabling energy autonomy, is also the largest in the country and one of the largest in Europe. The new BESS is the first large-scale deployment of Huawei’s equipment in the sector in Greece.

Mount Athos is also known as Agion Oros – Holy Mountain. Three years ago, European funds were approved for 21 autonomous photovoltaic stations, with a total capacity of 2.64 MW, in combination with energy storage systems. Mytilineos, now called Metlen, won the contract for the installation of the facilities.

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June 30, 2025
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Energy storage in focus: How custom insurance solutions are fueling Southeast Europe’s green transition

Battery energy storage is becoming increasingly central to the energy transition in Southeast Europe and beyond, thanks to its key role in enabling renewables integration while ensuring grid flexibility and resilience. However, as battery energy storage systems (BESS) become more advanced and technologically complex, the risks involved exceed those of traditional renewable energy projects, making tailor-made insurance vital to their bankability, safety, and profitability. We discuss the importance of energy storage for the region’s green transition, as well as the critical role of custom-made insurance solutions in the success of BESS projects, with Delyan Iliev, Managing Director of Renewable Energy Insurance Broker (REIB), a market leader in BESS insurance in Southeast Europe.

Why storage is becoming central to Europe’s energy strategy

As Europe accelerates its energy transition, solar is leading the charge. In 2024 alone, 21.9 GWh of new battery energy storage systems (BESS) were installed across the continent, marking a 15% year-on-year growth. With storage now considered essential for grid flexibility, market stability, and renewable integration, Southeast Europe is beginning to recognize its strategic value.

“Energy storage is not a side note anymore, it’s quickly becoming a pillar of the energy system,” says Delyan Iliev, Managing Director of Renewable Energy Insurance Broker (REIB). “We’re proud to help accelerate that shift. In the first half of 2025, we’ve already insured over 5 GWh of battery projects across Europe – including in Bulgaria, Germany, and the UK. That scale shows how far the market has come, and how much trust there is in high-quality insurance.”

In Serbia, solar deployment is gaining pace, and developers are preparing for large-scale projects. Regulatory frameworks are evolving to support hybrid models that combine generation with storage. BESS is no longer just a technical upgrade; it’s a strategic enabler for grid stability, revenue optimization, and investor confidence.

What makes BESS riskier than traditional energy projects?

As storage projects become more complex, so do the risks. Unlike conventional solar or wind installations, BESS introduces specific technical and operational challenges—from thermal runaway and fire risk to cyber threats, component failure, and yield degradation. These are real risks requiring serious attention from insurers and developers alike.

Poor system design, such as insufficient spacing between battery units and PV modules, can also trigger insurance exclusions or delay permitting. “In emerging markets like Serbia, where regulations are still catching up with technology, project design and compliance can make or break an investment,” says Iliev.

This is why traditional, off-the-shelf insurance is no longer adequate. Storage requires a more nuanced approach – one that aligns with each project’s structure, revenue model, and operational realities.

REIB’s approach: Insurance that mirrors project reality

Recognizing this need, Renewable Energy Insurance Broker has created tailor-made insurance solutions designed specifically for energy storage systems. A cornerstone of its model is Business Interruption (BI) insurance – not a standard add-on, but a fully customized product. Rather than applying generic compensation formulas, REIB designs the BI structure around how each project actually earns revenue, whether through tolling agreements, profit-share arrangements, or hybrid mechanisms.

This precision ensures fair and effective compensation, not only when a system completely fails, but also when partial degradation or performance issues occur. Furthermore, the BI coverage accounts for income loss, not just profit, delivering significantly higher payouts in case of disruption. Indemnity periods can be extended up to 18 months, supporting the financial stability of a project well beyond initial damage control.

Why early-stage insurance is so critical for BESS

One of the most critical features in REIB’s offering is early-stage protection. The company insures storage projects from the installation phase, well before grid connection. This phase, often excluded by traditional policies, is one of the riskiest stages in a project’s lifecycle. By covering this early gap, REIB offers peace of mind to both developers and investors.

In addition, REIB’s policies include protection against underperformance (reduced yield), cyber risk coverage for systems managed via EMS or SCADA, and third-party liability, including sudden environmental pollution, which is increasingly relevant for permitting and compliance in European markets.

Applicable to co-located and stand-alone storage

While co-located solar + storage projects dominate the market, stand-alone BESS is gaining traction in Serbia and other Southeast European countries. These projects play a crucial role in grid balancing, frequency regulation, and capacity markets, especially in areas where renewable generation is unevenly distributed.

REIB’s insurance framework applies to both co-located and stand-alone BESS systems, adjusting coverage parameters to meet the distinct operational and revenue profiles of each. Whether tied to a solar plant or operating independently, these assets face risks that must be managed holistically.

What gives REIB its unique market perspective?

REIB is more than a broker, it’s also an investor. The company is directly involved in PV+BESS projects like the 4.1 MWp solar plant with 4MW/8 MWh BESS in Nikolichevtsi and the 5 MWp + 6MW/12 MWh BESS in Bagrentsi. “We don’t just assess risk from a distance,” says Iliev. “We experience it firsthand, and that’s what helps us design smarter coverage.”

How insurance can drive the BESS market forward

For REIB, insurance is not just a regulatory requirement; it’s a strategic lever. “Well-structured insurance improves bankability, secures investor confidence, and unlocks access to financing,” says Iliev. “In a sector like BESS, that can be the difference between stalled progress and market leadership.”

As Serbia and its neighbors move toward a new energy reality, battery systems will be central to the equation. Making them bankable, and insurable is where REIB steps in, helping to turn risk into resilience and innovation into long-term value.

For more information about tailor-made insurance solutions for BESS projects, contact the REIB team to explore how they can support your next project.

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June 25, 2025
by in News

OMV Petrom enters Bulgarian solar power market as partner in one of biggest projects

As part of its decarbonization efforts, Romanian hydrocarbons producer OMV Petrom is strengthening its presence in neighboring Bulgaria. It agreed to buy 50% of the Gabare solar power project, of 400 MW, from its developer Enery Element.

The solar power investment frenzy in most of Southeastern Europe is continuing despite rising curtailments and the frequent occurrence of negative power prices. Major developers and operators are counting on battery storage to gradually close the still widening gap between intraday peak production and consumption in spring and autumn.

Romanian oil and gas company OMV Petrom – a subsidiary of OMV – is acquiring a 50% stake in Bulgarian firm Dunav Solar Plant. It is developing the 400 MW Gabare photovoltaic project in Byala Slatina near Sofia.

Until now, the sole owner was Enery Element, a joint venture between Austrian renewable energy company Enery Development and its Bulgarian partner Element Power Group. The two sides didn’t disclose the amount. They expect to close the transaction later this year, after fulfilling certain conditions.

Partners to invest EUR 200 million in total by production launch in 2027

The solar park is expected to enter commercial operation in 2027. By then, OMV Petrom and Enery plan to invest EUR 200 million, including from external financing. They are targeting their final investment decision before the end of 2025.

Solar trackers will maximize output, which will be equivalent to the consumption of 150,000 domestic households, the Romanian company pointed out. A battery energy storage system (BESS) of up to 600 MWh in capacity is an option for future consideration, OMV Petrom added.

Neel: Natural gas and renewables complement each other

“By investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence on this neighbouring market and are supporting the region’s energy transition. We believe that natural gas and renewables complement each other and play a key role in reducing emissions while ensuring energy stability,” said member of the Executive Board of OMV Petrom Franck Neel, responsible for the Gas and Power division.

He added that the company would also offtake 50% of the generated electricity, through a power purchase agreement (PPA), without revealing further details.

Enery currently generates almost 700 GWh of clean electricity per year from 490 MW in installed capacity. It has 8 GW in the project pipeline in 11 countries.

Permits for PV park secured

The construction permits and the grid connection have already been secured, according to the update. At 400 MW in peak capacity, Apriltsi is the largest solar power plant in the Balkans and Eastern Europe, excluding Turkey.

However, a PV system of 550 MW in Greece is about to be completed.

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual group hydrocarbon production of 40 million barrels of oil equivalent in 2024. In addition, it is expanding in the segments of wind power and photovoltaics, energy storage, alternative fuels including green hydrogen, and chargers for electric vehicles.

OMV earlier expressed interest in renewables in Serbia and Hungary as well

The group has a refining capacity of 4.5 million tons. It operates an 860 MW high-efficiency gas-fired power plant. The group is present in Romania and neighbouring countries through 780 filling stations under the brands OMV and Petrom, of which 93 in Bulgaria.

At the end of last year, Austrian energy giant OMV had a 51.2% stake in OMV Petrom. The Romanian Ministry of Energy controlled 20.7% and pension funds in the country participated with 23.7% in total.

In Bulgaria, OMV Petrom started supplying natural gas to business customers last year. Following the discovery of gas resources in Romania’s Neptun Deep block in the Black Sea, it is now exploring the gas potential in Bulgaria’s Han Asparuh block. In April, the company said it approved an investment budget of EUR 1.6 billion for 2025, or over 20% more than in 2024.

Pparent company OMV, headquartered in Vienna, expressed interest last summer in the wind and solar power potential of Romania, Serbia, Bulgaria and Hungary.

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