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BULGARIAN RENEWABLE ENERGY MARKET REPORT 2011

Sofia • Vienna • Brussels • Moscow • Dubai

BRIEF ABSTRACT

7th March, 2011

Varna, Bulgaria

From:
Mr. Ilko Iliev
Director
INEA Consulting Ltd.
Bulgaria, 9000 Varna, 9 Maria Louisa Blvd, fl.3
Tel: +359 91 60 56
Fax:+359 52 302 508
Mob: +359 896 833 044; +359 887 342 475
e-mail: ilko.iliev@ineaconsulting.eu

1
This information presents very brief abstract from BULGARIAN RENEWABLE ENERGY MARKET
REPORT 2011, which is under development from Inea Consulting EOOD by order of i_s_a_SolarPark
engineering + construction GmbH. We strongly recommend the report to be read in its entirety.

1. Market price

Current market asking prices for development and operational PV projects are summarized in the
table below. With the forthcoming positive amendments of Bulgarian RES law we observe increase
with 10 to 15 % of asking prices for development projects with building permits and final grid
connection contracts, compared to the price levels at the end of 2010.

Prices in EUR per MWp


Project Development Stage
Min. Average Max.
Early development 20,000 47,500 75,000
Preliminary grid connection contract 130,000 145,000 160,000
Building permit 160,000 175,000 190,000
Building permit and final grid connection contract 170,000 205,000 240,000
Operational 3,300,000 3,650,000 4,000,000

2. Development projects and operational PV plants

Development of operational PV plants in Bulgaria started in 2007. On the table below are
presented PV plants development in Bulgaria from 2007 to 2011, depending on the project stage.

Developments in MWp
Project Development Stage
2007/8/9 2010 2011*
Building permit and final grid connection contract 34 143 529
Operational 6.7 29.3 215
Cumulative from 2007 by the end 2011 251*

* Data for 2011 is forecast based on the fact whether investors will continue to fulfill construction
of PV plants according to announced schedule.

3. Existing law
The main support for PV projects in Bulgaria is feed-in-tariff (FIT), which is currently €372.37/MWh
(BGN 728.29/MWh) excl. VAT for installations with above 5 KWp capacity. We still do not see firm
indications from the Government they will change FIT calculation methodology. Unless they not
change it, the FIT this year can be increased/reduced with maximum with 5 %. Our expectation is
for 5 % reduction from 1 April 2011 (if amendments in RES law enter into force before the end of
March 2011), or from 1st July 2011 (if amendments in RES law enter into force after the end of
March 2011). On of the most important points in new RES law is that FIT into PPA shall be fixed for
25 years.

2
Pursuant to the RES Law the Regulator (State Water and Energy Regulatory Commission) regulates
the tariffs of solar photovoltaic power plants. As part of its regulatory activity, the Regulator
determines preferential tariffs for power generated from solar photovoltaic power plants. These
preferential tariffs shall be at least 80% of the average sale tariff of the end suppliers for the
previous calendar year plus a premium determined by the Regulator on the basis of the type of the
primary energy source for power generation (i.e. wind, solar, biomass, etc). The premium for the
next year shall not be less than 95% of the premium for the previous year.

According to the existing law PV projects in Bulgaria should pass the following main steps during
licensing and permitting stage presented on the scheme below: