Bulgaria, Net profit of RES sector rose by 60 % in 2021

, SEE Energy News

According to a report on renewable energy sector in Bulgaria, its net profit amounted to 284.5 million euros in 2021, which is an increase of 60.4 % compared to the previous year.

The analysis covers 1,869 local companies designing, engineering, building, operating and maintaining power plants which generate renewable energy, and producing batteries, engines, turbines and other equipment for RES installations.

Due to growing demand for alternative energy sources and rising electricity prices, operating revenues in the RES sector soared by 41 % to 1.5 billion euros in 2021. A total of 172 new companies in RES sector were set up in 2020 and 153 in 2021. The level is almost the same as in 2008-2012, when RES investments in Bulgaria flourished.

Germany and Italy remain the leading sources of foreign investments in Bulgaria’s RES sector. One out of three RES companies in the country has a German or Italian parent company. At the same time, not a single new investment was made by Italians in 2021, while Germans made one. The list of the top 10 RES investment sources is completed by Austria, Czechia, Greece, Luxembourg, Hungary, France, Cyprus and Turkey.