ECONOMY

Measures to cut red tape in RES projects

Environment and Energy Minister Tina Birbili announced yesterday new measures to reduce the bureaucratic procedures for the licensing of renewable energy source (RES) projects. The draft law which is about to be submitted for public consultation will reduce the time required for licensing from 3-5 years to 8-10 months, the minister said, adding that ‘there is tremendous investor interest but too much bureaucracy.’ There are hundreds of stranded projects waiting for approval, according to Birbili, adding up to a total of 57,000 megawatts. The present installed capacity, using wind power and solar energy, amounts to about 2 percent of that figure and equals 3 percent of the country’s overall energy output.