D BG Lucrative prospects Sredets solar power park sales particulars Sustainable investment within the EU: Bulgaria
Time to Due to its location Bulgaria is a „land of sun“, comparable reconsider A partnership from inside out – with Spain. from Bavaria and Saxony to Bulgaria The sun - an endless supply of energy and income. The foundations of ABG were laid in Today the ABG Group consists of . ABG-Partner in the consulting field, 1990 by the formation of ABG Allgemeine . ABG-Energy in the renewable energy field. Beratungs- und Treuhandgesesellschaft mbH, Steuerberatungsgesellschaft, a trust company and tax consultancy. In ABG Energy has been involved with re- the following years audit and consultancy, newable energy in Bulgaria since 2006. real estate and truck management In the last two years specific solar energy services were added. projects have been developed. ABG-Energy GmbH was founded in 2010 The Group has been working with as a platform for all companies working Dresden partners in the field of renewable together in the field of renewable energy. energy in Germany for some 10 years. They have been involved in planning ABG-Partner has been advising Bulga- Bayreuth various solar, wind park and hydroelectric rian companies operating in Germany power plants as well the commercial and on tax issues for some 11 years. ABG- technical management. Partner’s operations in Germany are focussed primarily on Bavaria and Saxony. In conjunction with the Bulgari- Munich an partner ACTIV, in 2008 the company founded ACTIV ABG OOD, a tax and accounting consultancy supporting clients in Varna with their international Index of contents Page operations. Audit and legal consultancy services are provided by ACTIV OOD in The ABG group of companies 3 Bulgaria. With this cross-border expertise Bulgaria: the country and key data 4 we are able to provide a specific yet com- Solar energy: the facts 6 prehensive range of services to clients seeking to set up operations in Bulgaria. Project participants 7 Varna Contractual basis 8 Tax basis 10 Sofia A-B-G Security package 12 Project details – location & site 14 Technical description 15 Sredets solar power park at a glance 16 The ABG-Group . 3
Key information Inflation 2,9% (2010) at a Glance Unemployment 9,5% (2010) Key Economic Bulgaria is an agricultural country. Fruit and vegetables in particular are cultivated. The Sectors country’s other key industries are tourism, engineering, metal industry, textiles and The Country software development. The Republic of Bulgaria lies in the north eastern section of the Balkan peninsular. Its Due to its geographical location Bulgaria is ideally positioned for the generation of neighbouring countries are Romania in the north, Turkey and Greece in the south and renewable energy. In recent years it has focussed on the generation of hydro-electric Serbia and Macedonia in the west. The Black Sea is to the east of the country. power and wind energy. Last year the government began to focus on the building of photovoltaic plants. Key Data: Bulgaria is also involved in the planned „Nabucco“ and „South Stream“ major gas pipeline projects. EU The country has been a member of the European Union since 01.01.2007. Energy Bulgaria is largely dependent on coal (49%) and nuclear (38%) power stations. The Political System The country is governed by parliamentary democracy. The Bulgarian National Assembly majority of its energy is currently imported, mainly from Russia. consists of 240 delegates. They are voted in for 4 years. The last elections took place in 2009. Tax Legislation As of 2008 Bulgarian tax legislation applies a flat rate of 10% on all income, i.e. from natural and legal persons. Area 110.994 km² On 02.06.1987 a double taxation treaty was signed between Bulgaria and Germany Population By the end of 2008 the population consisted of 7.6m inhabitants. to avoid double taxation on income and assets. In a session held on 09.07.2010 the The religious denominations are as follows: German Bundesrat approved the draft for a new Double Taxation Treaty (DTT). The Approx. 85% orthodox Christian new DTT is similar to OECD sample treaties in terms of its structure and content. Approx. 12% Muslim Approx. 10% Turkish Investment Nationals and foreign investors are considered equal. Foreign investors can hold full Approx. 3% Roma Conditions shareholdings in companies. The legal forms of Bulgarian companies are comparable with those in Germany. The most common type of company in Bulgaria is the limited Key Cities The capital city of Bulgaria is Sofia (approx. 1.2m inhabitants). Other key cities include liability company. For a one-man limited company this is known as EOOD, for several Plovdiv (approx. 523,000 inhabitants), Varna (approx. 378,000 inhabitants) and shareholders as OOD. However, depending on the form of participation, the (E)OOD Burgas (approx. 300,000 inhabitants). & Co. KD form (comparable with a limited partnership with a limited liability company) it can be more advantageous for foreign investors. The potential benefits should be Currency System The local currency is the Lev. discussed individually with a tax adviser. Based on the Currency Board determined by law, the Lev has been tied to the Euro (previously Deutschmark) since 1997. There is therefore no currency risk. Money transfers between Bulgaria and other states are freely convertible; occasionally notification with the National Bank may be required. Economic Situation Due to its relatively stable state finances Bulgaria has not yet sought funding from the Rumania International Monetary Fund, as has been the case with many other eastern European countries (Hungary, Romania, Greece). General Map of the Black Sea Serbia National debt runs at only 18.2% of GDP . Republic of Bulgaria Varna Sofia Bulgaria Burgas General conditions have improved considerably since the country entered the EU in Sredets solar power park 2007. However there remains a pressing need for reforms to the legal system and to Plovdiv remove the chains of bureaucratisation. Mazedonia 4 . Bulgarien: the Country and Key Data Greece Aegean Sea Turkey
Solar Energy: Project Participants the Facts Climatic conditions The climatic conditions in Bulgaria are suited to building photovoltaic plants due to the ABG-Energy ABG-Energy undertakes projects for renewable energy in the photovoltaic, hydropower geographic location. As can be seen from the solar chart below, the Sredets – Burgas www.abg-energy.eu and wind sectors in conjunction with expert partners. ABG-Energy‘s Bavarian office is region with a global radiation of 1,500 to 1,550 kWh/m² per annum is among the best in Munich and it also has a Saxony office in Dresden. solar locations in Bulgaria. ABG-Partner ABG-Partner is a group of consultancy firms offering tax advice, audit and Legislation According to current energy legislation from June 2011, energy suppliers are obliged www.abg-partner.eu corporate consultancy. to use the energy produced by photovoltaic plants for a period of 20 years. The re- Its German offices are in Munich, Dresden and Bayreuth. The group handles levant legislation includes the EEBG. These regulations govern the obligations of the commercial procedures and advises investors on financial and tax issues for energy suppliers to use the power supplied and pay a fixed power supply rate. Since individual projects. June 2011 the rate is 24.8 cent / kWh. ACTIV ABG In Bulgaria ABG-Partner acts with its Bulgarian partner ACTIV GmbH under the joint www.ACTIVABG.bg company ACTIV ABG GmbH in the Varna and Sofia branches. The collaboration of ABG-Partner and ACTIV ensures cross-border support. ACTIV The ACTIV Group is an association of medium-sized consultancy firms operating in www.ACTIV.bg the fields of tax advice, audit, corporate and legal consultancy with branches in Varna, Solar map of Sofia, Dobritsch and Schumen. Jährliche Strahlung [kWh/m²] Annual solar radiation [kWh/m²] 1.350 1.400 1.450 1.500 1.550 1.600 1.650 1.700 1.750+ 1.350 1.400 1.450 1.500 1.550 1.600 1.650 1.700 1.750+ Bulgaria Project Development 1.013 1.050 1.088 1.125 1.163 1.200 1.238 1.275 1.313+ 1.013 1.050 1.088 1.125 1.163 1.200 1.238 1.275 1.313+ 0 0 50 50 100 km 100 km Jährlich gewonnene Elektrizität pro 1kW peak System mit Nutzungsgrad 0,75 [kWh/kW peak ] Annual won electricity per 1kW peak System with efficiency 0,75 [kWh/kW peak ] Project-ABG Consult Project-ABG Consult GmbH & Co. KG is based in Varna. The company undertakes GmbH & Co. KG turnkey projects in association with Bulgarian and reputable international partners. ILF Beratende ILF Beratende Ingenieure comprises several international independent engineering Ingenieure and consultancy firms. ILF helps customers with complex needs to carry out sophisticated industrial and infrastructure projects. The ILF companies are among the leading engineering firms in the world today. At their main locations in Innsbruck and Munich and over 30 branches and subsidiaries worldwide, more than 1600 staff design and implement successful project solutions for international customers. The ILF companies are certified to ISO 9001. Jährliche Strahlung [kWh/m²] 6 . Solar Energy: The Facts Project Participants . 7 1.350 1.400 1.450 1.500 1.550 1.600 1.650 1.700 1.750+ 1.013 1.050 1.088 1.125 1.163 1.200 1.238 1.275 1.313+ 0 50 100 km Jährlich gewonnene Elektrizität pro 1kW peak System mit Nutzungsgrad 0,75 [kWh/kW peak ]
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