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From Bulgaria
11.07.2013 11:27
© craigdietrich@flickr.com
For the first time renewable energy got into the sight of Bulgarian security services under suspicions of financial and tax frauds.
Money laundering
Renewable energy producers could be a cover for money laundering schemes, a report by Bulgaria’s State Agency for National Security Agency (SANS) announced Tuesday concludes.
The report states that the Bulgarian renewables sector offers a prolific environment for money laundering thanks to its strategic role for the country as an EU member. The fact that investments in renewables are encouraged by the state and their energy is sold at much-higher-than-market prices is another attractive factor for frauds, SANS said in its report.
Considerable required investments and high turnover allowed great amounts of money with unclear provenance to be spent in the renewables sector, the security services also warned. Without citing any particular cases, the SANS report says investing by offshore companies in PV parks is rather common practice which prevents the identification of the source of money.
A mere speculation with renewables image
The renewables sector expressed its resentment by the fact that such unfounded speculations with the image of renewable energy producers are released in the media, more so by the fact that they come from a state entities such as SANS and the energy ministry. The Bulgarian Wind Energy Association (BGWEA) released a statement the following day, which was also embraced by other renewables association, namely the BPVA.
“BGWEA condemns any form of criminal activity which should be punished with all the severity of Bulgarian laws. Nevertheless we consider that such defamation of an entire economic sector by state authorities, without relying on any actual facts, is absolutely inacceptable”, the statement read.
BGWEA reminded that all renewables producers are listed publicly on the website of the Sustainable Energy Development Agency (SEDA).
“More than half of the 178 companies with a total installed wind power capacity of 677 MW are licensed by the State Energy and Water Regulatory Commission (SEWRC)”, BGWEA said. According to Bulgarian Renewable Energy Act, units up to 1 MW do not need to be licensed by the regulator and units up to 5 MW are connected to the medium voltage grid, selling energy directly to energy suppliers.
The BGWEA statement further questioned the supposed unclear origin of investments in the sector:
“Bigger projects are being brought to reality by loans from reputable international financial institutions such as the European Bank for Reconstruction and Development (EBRD)”.
BGWEA conjured the security agency and the energy ministry against launching and conducting further speculations in detriment of the renewables sector without bringing to light any facts and actual cases.
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