The pair of new renewable energy sources, named Batak and Dospat, will each add generation capacity of approximately 800 megawatts (MW) and expand storage capacity, strengthening electricity supply in Bulgaria and the European Union.
Under the agreement, EIB Advisory – as a main partner of the InvestEU Advisory Hub of the European Commission – will examine the technical feasibility and economic viability of the two projects as well as assess their benefits and risks. This will allow NEK to make informed decisions crucial for the development of the two projects.
A pumped-storage hydropower plant (PSHPP) has the ability not only to generate hydroelectric power but also to store and then release it into the electric grid when needed, acting like a giant battery.
The advisory support for NEK underscores the EIB’s commitment to sustainable green and energy transformation throughout the European Union.
Key contribution to energy stability and security of power supply in Bulgaria and European Union
The pair of new renewable energy sources, located at hydropower cascade dams and reservoirs near the towns of Batak and Dospat in southwest Bulgaria, are expected to function as large rechargeable batteries, storing green energy. This will provide NEK with flexible 24-hour and weekly management, rapid capacity replacement during emergencies and additional balancing services. With an estimated total cost of about €900 million each, the plants are projected to become operational by 2032.
The two projects are part of the Ten-Year Network Development Plan (TYNDP) 2024 of the European Network of Transmission System Operators for Electricity (ENTSO-E).