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From Bulgaria
28.06.2012 15:15Chinese Investors Retreat from Bulgaria due to Falling Feed-in Tarrifs
Fu Ming, vice-president of the Bulgarian-Chinese Chamber of Commerce, said the planned cuts would deter the investors interested in both green energy production and technology supply
© DavidDMuir@flickr.com
Thirteen large-scale Chinese companies which intended to invest in Bulgaria a total of EUR 3.3 bn. would most likely drop their plans, Victor Azmanov, chairman of the Bulgarian-Chinese Chamber of Commerce said in a letter to PM Boiko Borisov and economy minister Delian Dobrev, newspaper 24 Chasa wrote.
The reason stated in the letter was the cuts in the preferential prices (feed-in tariffs) for energy from renewables . For wind generation the tariffs were decreased by 20% and for solar – with as much as 55%.
According to Azmanov, Chinese banks said the investment environment in Bulgaria was highly unstable and unpredictable.
Fu Ming, vice-president of the Commerce Chamber, said the planned cuts would deter the investors interested in both green energy production and equipment supply.
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