Bulgarian companies can apply for funding under two new grant schemes worth 273.6 million euros, aimed at bolstering investments in new renewable energy production and storage capacities, according to the energy ministry.

The initiatives aim to add 1,425 MW of new renewable energy generation and 350 MW of energy storage to the electricity grid, the ministry said in a statement.

The first procedure, with a total budget of 107.6 million levs, will finance the construction of solar and wind energy production capacities, as well as co-located energy storage facilities with an installed capacity between 200 kW and 2 MW. It seeks to create at least 200 MW of renewable energy production and 100 MW of energy storage.

The maximum funding amount per project is some 35.9 million levs per beneficiary. The grants will cover up to 50% of the eligible costs, capped at 1.08 million levs per 1 MW of installed energy storage capacity.

The second scheme, with a budget of 427.5 million levs, will support new solar and wind energy production capacities and co-located energy storage facilities with a total installed capacity of over 200 kW. The procedure aims to develop at least 940 MW of renewable energy generation and 200 MW of energy storage.

Each candidate can apply for financing of up to 58.7 million levs per project. The grants will cover up to half of the eligible costs, with a maximum of 743,215 levs per MW of installed energy storage capacity.

The initiatives are financed under Bulgaria’s Recovery and Resilience Plan (RRP). The grant funding will take the form of investments in the co-located energy storage facilities.

Companies from all sectors, except agriculture, forestry and fisheries, can submit project proposals until June 12. The proposals should not exceed one-third of the total capacity quota allocated for energy storage facilities under each procedure, seenews reports.