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EIB VP: Offshore wind energy in the Black Sea region, important for Europe

13 June 2023

The vice-president of the European Investment Bank (EIB) Lilyana Pavlova emphasized on Tuesday that offshore wind energy in the Black Sea region is important for the autonomy and democracy of the whole of Europe, according to BTA and Agerpres.

Pavlova participated in the opening ceremony of the round table discussions entitled “The Coalition for Renewable Energy of the Black Sea: A Strategic Partnership for Energy and Climate Security,” during which the Coalition for Renewable Energy of the Black Sea was established.

The event was organized by the Center for the Study of Democracy (CSD) and took place at the Grand Hotel Sofia.

Companies want political stability before investing in a region, said Martin Vladimirov, director of CSD’s energy and climate program.

“Unlocking the potential of offshore wind energy in the Black Sea is not only a recommendation, but a mandatory condition of the 2030 energy project plan,” said Pavlova.

According to her, alternative methods of energy production and decarbonization are the future not only of Europe, but also of the world. “Almost 20 billion euros were spent last year on green energy projects, 30 billion euros will be spent this year. The trend is to increase the volume of investments in Europe,” she added.

“We believe that our financing will develop green energy, especially in these times of financial crisis. I am glad that Bulgaria and Romania are moving in this direction and I hope that together we will take the right steps for the projects to be realized,” said the vice-president of the EIB.

“As a representative of the German Government, I can guarantee that, as far as it depends on us, we will support any investment in the direction of green energy in the region,” promised the head of the economic department of the German Embassy in Bulgaria, Moritz Seiler.

“We are ready to share the benefits and costs of a joint project with Bulgaria,” said George Vişan, director of the energy market division of the transport and system operator Transelectica from Romania.

“Since 2019, we exist as an organization and today we have over 50 representatives. From my experience, I can firmly state that the revenues from offshore wind energy are lower, which is a problem for investors,” explained the vice-president of the Romanian Wind Energy Association RWEA, Liviu Gavrilă. He expressed his belief that offshore wind power will become a reality in the Black Sea, as it is a necessity.

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