Bulgaria is set to spend around €300 million on helping businesses curb their energy use.
Half the money is from an EU grant, while the European Bank for Reconstruction and Development (EBRD) will provide the other half.
Bulgaria’s energy intensity is more than five times higher than the average for the EU, while its industrial sector accounts for 40% of Bulgaria’s national energy use, according to the EBRD.
The EBRD’s €150m programme with the East European state, called the Energy Efficiency and Green Economy Programme, will give companies grants of 30 to 50% of the eligible costs for efficiency measures.
Jean Marc Peterschmitt, EBRD Managing Director for Central and South- Eastern Europe said: “The programme is designed to help Bulgarian SMEs reduce their energy consumption and carbon foot-print. It is also expected to have an important demonstration effect of using highly efficient technologies as a means of improving competitiveness.”