Mitsubishi Corporation (Mitsubishi) plans to invest around EUR400 million ($507.5 million) in two wind energy parks in Bulgaria. The company plans to build a 100 megawatt (MW) wind farm near the town of Sliven, some 250 kilometres east of Sofia. Construction of the plant is expected to start by the end of 2009 and become operational by 2011. The company also plans to build another 100 MW wind farm near the northern town of Pleven and a EUR40 million 10 MW solar park in the same region.
The construction of second wind park is expected to start by the end of 2010 and begin producing electricity by 2013.
The two wind park projects in Bulgaria have recently mushroomed as investors take advantage of government subsidies for renewable energy, aimed at boosting its share to meet European Union targets.
Currently, the EU newcomer’s have installed wind power capacity totals 70 MW, generating just over 1 percent of electricity consumption. Bulgaria gets about 43% of its power from coal and 40% from nuclear energy.
The Balkan country plans to increase the share of renewable energy to% by 2020 as part of EU efforts to curb greenhouse gas emissions from fossil fuels and expand green energy production.