On Wednesday 21 January, the European Commission opened an in-depth investigation into an arbitration award ordering Bulgaria to pay ACF Renewable Energy Limited €61.04 million in compensation following changes to a support scheme for renewable energies.
Bulgaria introduced this system in 2011, then modified it in 2013, 2014 and 2015.
In 2012, ACF, a Maltese company, invested in the Bulgarian renewable energy sector by purchasing a solar photovoltaic plant that benefited from the...