Bulgarian Development Bank provides financing for photovoltaic plants

The bank's new program is for small-scale PV systems and supports green policies to reduce carbon footprint

The Bulgarian Development Bank will finance the construction of photovoltaic power plants for business needs. The new financial product is in response to growing concern among companies about the price of electricity in Bulgaria and Europe, and increased demand for electricity. Switching businesses to solar energy is a workable solution in the context of depleting non-renewable sources and the EU's carbon neutrality targets.

BDB will provide financing for small-scale PV systems that have a capacity of less than 1 MW/p and companies can seriously reduce their energy costs. The use of solar plants has both economic and environmental benefits.

The companies must be micro, small or medium-sized enterprises. The loans will have a term of up to 15 years. The photovoltaic systems that BDB will finance can be for production to meet electricity needs or for sale.

The bank has a long-term goal to support the green transition of the national economy and increase the share of clean energy sources, since 25 percent of global greenhouse gas emissions come from electricity generation. Building green energy plants is part of the European Commission's package of measures included in the so-called Green Deal, which aims to reduce the carbon footprint by 2050.