Bulgaria signs energy cooperation memorandum with UK and US investors

28 March 2022

Bulgaria's Energy Minister Nikolov signed a Memorandum of Understanding on energy cooperation with two foreign investorsBulgaria’s Minister of Energy Alexander Nikolov on 23 March signed a Memorandum of Cooperation with London-based emerging markets asset manager Gemcorp Holdings Ltd (GHL) and US nuclear technology developer IP3 Corporation on energy projects that are expected to result in investments of around $1 billion.

The document regulates cooperation on the planning and implementation of projects for clean energy production, alternative and strategic gas supplies, security of energy supply, clean energy, and development of nuclear energy, the Ministry said. 

“Ensuring alternative, stable and affordable gas supplies for the country, increasing regional energy security and protection of critical energy infrastructure, development of projects to use low-carbon technologies to support the transition to green energy, studies to build a hybrid industrial complex in the territory of Maritsa East, as well as the development of sustainable plans for the use and management of nuclear fuel are among the strategic areas of partnership envisaged,” it noted. 

Nikolov said he expects that this “will materialise in concrete investments for the development of the Bulgarian energy sector”.

IP3 said: “This effort will develop Bulgaria’s innovative commercial plan to ensure the energy sovereignty needed to serve its baseload and industrial needs. The relationship will involve collaboration to lead the transition for energy generation options in the region.” Gemcorp and IP3 will provide project development, financial structuring, and funding solutions “in a phased approach”. The memorandum “addresses inception, development, financing, and operations that will attract private capital and cutting-edge energy companies to Bulgaria,” IP3 noted.

“The Government of Bulgaria has developed a plan for their energy future. They are ready to harness new technologies such as hydrogen, renewables and hybrid nuclear systems and their smart energy transition can become a role model for all the Three Seas Initiative countries,” explained former US ambassador to Poland and IP3 board member, Georgette Mosbacher. “Infrastructure investment needs to be radically reoriented. The combined expertise of GHL and IP3 offers the holistic approach required to meet today’s ESG (environmental, social and governance) priorities.”

Michael Hewitt, Co-Founder and CEO of IP3 said: “We want industrialised countries to take advantage of new and existing technology to meet 2050 climate goals. GHL and IP3 offer a powerful partnership to provide systematic plans to address both power and heat applications while navigating complex supply chains influenced by geopolitics. Working together, we plan to activate capital markets to help Bulgaria’s energy sector go through a period of profound change.”

Photo: Bulgaria's Energy MinisterAlexander Nikolov signed a Memorandum of Understanding on energy cooperation with two foreign investors

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