Israeli Firms Launch First Bulgarian Energy Storage Facility
Translated & summarized from Bizportal by baba
Israeli companies CalMobile Energy and Tzemnat Energy have launched their first commercial electricity storage project in Lambrenovo, Bulgaria, with an investment of approximately 60 million euros. The 150 MW facility is projected to generate 12.8 million euros in its first year and has secured an 8 million euro EU grant. This launch marks a significant step in Israeli companies' decade-long engagement in Bulgaria's energy sector and strengthens their presence in the European market.
The story in 6 lines · by baba
- CalMobile Energy and Tzemnat Energy launched their first Bulgarian electricity storage project for 60 million euros.
- The Lambrenovo facility has a 150 MW capacity and is projected to earn 12.8 million euros in its first year.
- The project qualifies for an 8 million euro grant from the European Union.
- CalMobile Energy owns 60% of the project, while Tzemnat Energy holds 40%.
- The companies connected the facility to the grid within six months of acquisition.
- The project is a significant step in Israeli companies' decade-long involvement in Bulgaria's energy market.
CalMobile Energy and Tzemnat Energy have commenced commercial operations of their inaugural electricity storage project in Bulgaria. The facility, located in Lambrenovo in the northeastern part of the country, represents an investment of approximately 60 million euros. CalMobile Energy holds a 60% stake in the project, with Tzemnat Energy owning the remaining 40%. The companies successfully connected the facility to the national power grid within six months of its acquisition.
Projections indicate that the first year of operation will generate revenues of 12.8 million euros. The project also meets the eligibility criteria for an 8 million euro grant under an European Union program. The Lambrenovo facility is a battery-based energy storage system with a capacity of 150 megawatts and an energy storage capacity of 317 megawatt-hours. Situated near the city of Silistra on the site of the former city airport, it covers an area of approximately 16.2 decares and has land use rights for 49 years.
This milestone follows nearly a decade of Israeli companies working to advance and develop projects within the Bulgarian energy market. Aviv Pepper, CEO of CalMobile Energy, stated that the Lambrenovo project is a significant step in the company's international growth strategy, highlighting their ability to identify opportunities, develop complex assets, and bring them to commercial operation quickly. He added that the project facilitates the management and revenue maximization of the facility through participation in electricity and balancing markets.
Dan Naor, CEO of Tzemnat Energy, expressed pride in the swift completion of the entire process, from acquisition and detailed planning to financial closing with a European bank, construction, grid connection, and commercial operation. He emphasized that this achievement reflects Tzemnat's professional and execution capabilities and its experience in delivering complex, large-scale projects on exceptional timelines, solidifying Tzemnat's position as a significant player in the European energy market.
CalMobile Energy, managed by Pepper, is the energy arm of the CalMobile Group, focusing on renewable energy, energy storage, and electricity infrastructure in Israel and Europe. Tzemnat Energy is a private company involved in initiating, developing, constructing, and operating solar and energy storage systems, with a total scope of approximately 5 gigawatts across its core business in Israel, European ventures in Romania, Serbia, Bulgaria, and Germany, and contracting services in the renewable energy sector.
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