Bulgarian Energy Minister signed a Memorandum of Understanding on energy cooperation with two foreign investors

In the presence of Prime Minister Kiril Petkov today, Energy Minister Alexander Nikolov signed a Memorandum of Understanding with Gemcorp Capital Management Ltd. and IP3 Corporation. The document regulates the cooperation between the parties on the planning and implementation of clean energy projects, alternative and strategic gas supplies, energy security, clean energy, nuclear energy development. Providing alternative, stable and affordable gas supplies to the country, increasing regional energy security and protecting critical energy infrastructure, developing projects for the use of low carbon technologies to support the transition to green energy, studies to build a hybrid industrial complex on the Maritsa East territory, as well as the development of sustainable use and management plans for nuclear fuel are among the strategic areas of partnership provided for in the Memorandum. As a result of this partnership, investments worth about USD 1 billion are expected in Bulgaria, it became clear at the signing of the document.

Despite the risk associated with the military action in Ukraine, foreign investors appreciate the government's actions in support of the business, said Minister Nikolov. He expressed his expectations that this assessment would materialize in concrete investments for the development of Bulgarian energy. Representatives of Gemcorp Capital Management Ltd. and IP3 Corporation expressed their belief that the Bulgarian government is moving in the right direction to fight against corruption and create a favourable investment climate. In their words, thanks to the cooperation, the country has a unique chance of developing its energy infrastructure in line with the best technological solutions.