Renewable energy and venture capital structuring in Bulgaria; lessons to be learned

Abstract

The Bulgarian Green Investment Fund AD was set up in the course of 2008-2009 as a Bulgarian venture capital vehicle with a purpose to attract risk capital allocations from interested institutional and private investors in the renewable energy (RE) sector. However it soon became clear that fund was set up on, what the author tries to argue, are weak premises and with inadequate structure to deal with any relevant investment and financial requirements of the RE sector in Bulgaria. This Master Thesis is looking to examine what apparent lesson can be drawn from this real life example of venture capital structuring in support of renewable energy investments in one of the smaller European emerging markets.