Savage FIT cuts deal a blow to China's Ming Yang in Bulgaria

Bulgaria had warned it would reduce incentives for renewables projects

Ming Yang may be forced to abandon its first overseas wind farm, after Bulgaria unveiled a 22% cut to feed-in tariffs (FITs) for wind projects.

The Chinese turbine maker unveiled plans to supply a 120MW wind farm in Bulgaria earlier this year and has a majority stake in the joint venture developing the project.

It was in the final stages of closing more than €100m ($125m) in financing for the project with China Development Bank but is now scrambling to find ways of reducing costs to compensate for the drastically lower FIT.

“It’s still too early to be conclusive,” says Bruce Li, vice-president of international business, in response to a question about whether the…

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