Skip to main content

Unlocking Offshore Wind Energy Development Opportunities in the Varna Region

Key speakers

The development of offshore wind energy in the Black Sea is a huge opportunity for Bulgaria to unlock its vast potential in a new industry that will not only improve the country's energy security, accelerate the energy transition, but also create added value for the regional, Black Sea economy. It is estimated that offshore wind will generate between €15 and €20 billion in additional investments and create at least 27,000 new jobs by 2035. Offshore wind will also push down electricity prices, reducing the need for expensive coal-fired or imported electricity.

These are some of the main findings from an online discussion, organised by CSD on 18 March 2024, on Unlocking Offshore Wind Energy Development Opportunities in the Varna Region. The event focused on the business opportunities that can be opened in the process of implementing offshore wind projects in the regional Black Sea economy. The development of fair and effective governance practices is necessary in order to accelerate the deployment of the new industry, and there is a need to better understand the risks before the social acceptance of the new sector by businesses and citizens, alike.

In addition to the CSD team, the discussion featured Delyan Dobrev, Chairman of the Energy Committee at the National Assembly, Ivaylo Mirchev, Member of the Energy Committee, Emil Kaykamdzhozov, Executive Director of Bon Marin Holding AD, Kaloyan Gunchev, Commercial Director of Bulyard Shipbuilding Industry, Onnik Merdinyan, Manager of the WINDBG Training Center, Ventsislav Benov, Lawyer at Benov & Vassilev Law Firm, Milcho Bliznakov, Member of the National Council of the Bulgarian Industrial Capital Association (BICA) and Prof. Dr. Rumen Kishev, Member of the Board of Directors of the Maritime Cluster.

Delyan Dobrev stressed that the benefits for the Bulgarian businesses from the development of wind power plants in the Black Sea should be clearly analysed because otherwise as a consequence of the unjustified protests with political overtones, the society is confused about the risks from the deployment of offshore wind. He added that offshore wind energy can ensure that Bulgaria will not become a net importer of electricity in the long run. Onnik Merdinian stressed the importance of attracting well-trained technical experts to share the experience gained during their work in the offshore industry of Western Europe with local businesses. Ventsislav Benov explained that a comprehensive analysis of the best legal practices from Europe reveals that having a special offshore wind law will limit the regulatory risk associated with the multifaceted aspects of offshore wind development, and will provide a comprehensive framework for planning, construction and decommissioning of projects. In support of the important role of offshore wind for the local economy, Milcho Bliznakov cited studies that indicate that about 50% of the added value linked to the investment in the construction of wind power plants stays with local businesses.

All speakers agreed that Bulgaria can position itself as a key player in the renewable energy sector by attracting investments that provide powerful incentives for innovation, technological advances, and that boost economic growth.

This website uses cookies for functional and analytical purposes. By continuing to browse it, you consent to our use of cookies and the CSD Privacy Policy. To learn more about cookies, incl. how to disable them. View our Cookie Policy.