The Bulgarian company NEK receives assistance in preparing the construction of two large pumped storage power plants

The European Investment Bank (EIB) will provide advisory support to the Bulgarian state energy company Natsionalna Elektricheska Kompania EAD (NEK) in preparing the construction of two large pumped storage power plants in the southwest of the country.

The pair of new renewable energy sources, named Batak and Dospat, will increase generation capacity by approximately 800 MW and expand storage capacity, strengthening electricity supplies in Bulgaria and the European Union, NEK and EIB said in a joint press release.

According to the agreement, EIB Advisory will examine the technical and economic feasibility of both projects, as well as assess the resulting benefits and risks. This will help NEK decide to implement both projects.

NEK and EIB said the estimated total cost of each project is around €900 million, with production expected to start by 2032.

A pair of new renewable energy sources are located at dams and reservoirs of cascade hydroelectric power plants near the towns of Batak and Dospat in southwestern Bulgaria.

Both projects form part of the European Network of Transmission System Operators for Electricity (ENTSO-E) Ten-Year Network Development Plan (TYNDP) 2024, NEK and the EIB noted.

EIB Vice-President Kyriacos Kakouris said they will provide the bank with the expertise necessary to assess the feasibility and profitability of both projects, which could significantly impact Bulgaria’s energy mix and increase the stability of its electricity grid, while strengthening the entire European energy network infrastructure.

Malinov: The implementation of such projects will increase our energy security

According to the interim Minister of Energy, Vladimir Malinov, pumped-storage power plants may become the largest energy batteries in the region.

“The implementation of such projects will increase our energy security, improve Bulgaria’s energy infrastructure and achieve our decarbonization goals,” Malinov emphasized.

NEK CEO Martin Georgiev said that the agreement represents an important step not only towards the development of the Batak and Dospat PSHPP projects, but also in ensuring security of supply within the Bulgarian electricity system.

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