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Stara Zagora’s renewable potential

The city is leveraging natural advantages with forward-thinking strategies

October 25, 2024

8 min read

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October 25, 2024

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8 min read

Stara Zagora’s renewable energy potential is substantial, particularly with its rich solar resources. Its location, central to both Bulgaria and broader European markets, offers seamless connectivity for energy distribution and export.

Long one of Bulgaria’s main coal areas, Stara Zagora’s strategic position nevertheless makes it an attractive choice for businesses looking to penetrate both national and international markets, with the added benefit of local support policies. It is also the recipient of up to 936 million euros from the EU’s Just Transition Fund, a financial instrument which aims to support regions transitioning towards climate neutrality.

Stara Zagora is already developing an ecosystem designed to attract top talent and innovative companies.

“Stara Zagora is uniquely positioned to capitalise on emerging opportunities in the renewable energy sector, driven by several key advantages and supported by an environment favourable to green investments,” says a forthcoming report on trade and an investment in the region by PwC. 

Local government initiatives, including financial incentives like grants and social security reimbursements combined with well-developed industrial zones, are making it easier for renewable energy companies to set up operations and grow. Moreover, the region has streamlined administrative processes, cutting red tape and allowing faster project development.

One of the most significant drivers of Stara Zagora’s future in renewable energy is its investment in human capital.

“The region has recognised the importance of a skilled workforce to support this sector’s growth and is actively developing educational and training programmes in partnership with universities and research institutions,” says Rositsa Raykova, head of the investment department at the municipality of Stara Zagora.

By cultivating homegrown talent in engineering and energy technologies, Stara Zagora is ensuring it remains at the forefront of renewable energy and energy storage innovation.

Infrastructure and expertise: A winning combination

For companies in the renewable energy sector, Stara Zagora offers more than just incentives—it provides a highly educated workforce with expertise in critical areas such as engineering and energy technologies. This talent pool, combined with competitive labour costs, presents exceptional value for investors.

Additionally, the region’s infrastructure, from its energy grids to its transportation networks, is robust and continually improving, providing the necessary support for renewable energy projects.

“The existing industrial base in Stara Zagora, particularly its established energy production capabilities, offers a strong foundation to transition toward greener energy sources. The region’s ability to integrate renewable energy into its already developed infrastructure allows for smoother operations and quicker scaling of production,” says Raykova.

Globally, renewable energy has been growing rapidly as a source of electric generation. According to the International Renewable Energy Agency, for several years now, the levelised cost of electricity from renewable sources has fallen below that of other major sources of electric energy generation such as coal and fossil gas.

“This has led to renewables making up the majority of new generation around the world,” points out Joshua Loughman, the director of modeling and technology at Climate Interactive where he leads the development of sophisticated technical and analytical tools to support top decision-makers in climate and energy.

“As costs continue to go down and demand for electricity continue to rise, the long-term outlook for renewables, such as solar and wind, look extremely positive. The latest convening of the United Nations climate talks in 2023 in Dubai led to an international agreement to triple the capacity of renewable energy to meet energy demand by 2030.”

Locations that want to play a key role in this transition should look to any and all parts of the system of change, he suggests.

“For example, the supply of material inputs for solar panels, batteries, electronics, enhanced grid equipment, and so much more will grow in parallel with the growth of renewable energy.

“New technological innovation will be needed to enable the transition such as novel energy storage concepts, microgrids, control systems for distributed energy resources, and solutions to the current hard-to-electrify industrial applications that require high-heat inputs.

“Finally, the deployment of renewable energy around the world will require that a lot of regions make significant investments in modernising their grids and other infrastructure.”

PwC’s report suggests that Stara Zagora’s existing infrastructure makes it easy to integrate new renewable energy capacities.

“The Stara Zagora district is also characterised by excellent solar exposure, making it highly suitable for investments in photovoltaic systems,” says the report. “This climatic advantage supports the generation of green energy from solar power, a sector with significant growth potential.”

Leading the green revolution

As the world shifts towards sustainable energy, Stara Zagora is well positioned to play a significant role in this global transition. In August, the municipality secured an investment worth 240 million leva (122.9 million euros) from Smart Solar Technologies in a major project that will see the establishment of a new factory for the production of solar panels and cells.

The new facility is expected to create more than 800 jobs and will primarily focus on producing solar panels and cells for export to European markets including Germany, the Netherlands, Italy, and Austria.

With this increasing focus on renewable energy production and energy storage technology, the region is on track to become a major player in the sector.

“By continuing to enhance its capabilities and invest in innovation, Stara Zagora is not only meeting local energy needs but also contributing to the global push for sustainable energy integration,” adds Rositsa Raykova.

However, realising its full potential as a leader in the renewable energy market requires overcoming a few hurdles. While the region has made strides, it still relies heavily on conventional energy, particularly coal. Transitioning to a carbon-neutral economy will necessitate significant investment in new technologies and diversification of energy sources.

“For a geographic location to establish itself as a leader in the renewable energy field, it needs to create an ecosystem that nurtures innovation and supports technological advancements,” says Robert Roth, founder at Quote for Solar Group.

“This means investing in robust infrastructure, fostering a regulatory environment that encourages renewable investments, and cultivating a skilled workforce that is trained in the latest renewable technologies.”

David Clouse, managing director at EIC Rose Rock, a venture fund that invests in seed and early-stage companies building innovative technologies, agrees, saying that there are “three things” a region needs to emerge as a leader in a field: “Wealth in the form of investment capital or hard assets, talent, and innovation.”

Attracting global investment

With that in mind, Stara Zagora faces stiff competition from other European regions eager to attract investment in renewable energy. To stand out, it must continue to bolster its investment promotion strategies, emphasising its key advantages such as low taxes, generous subsidies, and a supportive business environment.

Potential partners for the production of renewable energy components include Germany, Italy, the United States, France, and China suggests the PwC report.

“Collaborating with these countries can bring advanced technologies and significant investments into the region, further enhancing Stara Zagora’s capabilities in the renewable energy sector.”

By highlighting its competitive edge—strategic location, skilled labour, and innovation-friendly policies—Stara Zagora can draw the attention of global investors looking for a high-potential, cost-effective gateway into the renewable energy sector.

With its unique blend of resources, talent, and infrastructure, Stara Zagora is more than ready to seize the opportunities presented by the renewable energy revolution.

“The region’s investment potential is significant, particularly in the context of the green transiton, which promotes energy transition, renewable energy use, and sustainability,” says the PwC report.

Indeed, as the sector continues to expand globally, the region’s commitment to fostering innovation, coupled with its strategic location and supportive policies, ensures that Stara Zagora remains a top contender for businesses looking to lead in renewable energy production and technological advancement.

‘Follow the talent’

Nemetschek Group is a vendor of software for architects, engineers and the construction industry. The company develops and distributes software for planning, designing, building and managing buildings and real estate, as well as for media and entertainment.

Its general manager in Bulgaria, George Brashnarov, says that the firm’s talent acquisition strategy changed during the Covid-19 pandemic, from “come to the Sofia HQ” to “follow the talent wherever it may be”.

He points to the “active” engagement of the Invest in Stara Zagora Department, the mayor’s office, and the local ecosystem as reasons for investing in the municipality.

“[The municipality] has made continuous progress in different education initiatives – from the high school system to newly created IT specialties at the Trakia University,” he adds.

“In this respect we hope that the municipality will continue to support all educational initiatives, as well as others to support the development of the innovation ecosystem.”

It’s a notion that is supported by the PwC report.

“By addressing the key challenge of workforce availability, and expanding its administrative focus, the region can fully realise its potential and attract significant investments, contributing to both regional and national energy sustainability goals,” it reads.

“This strategic approach aligns with the growing global and European trends towards decarbonisation and renewable energy, positioning Stara Zagora as a promising hub for green energy investments.”

This content was produced in collaboration with the municipality of Stara Zagora and the European Commission’s Directorate General for Structural Reform Support.

Marek Grzegorczyk

Marek Grzegorczyk

Marek Grzegorczyk is an analyst at Reinvantage.

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