Not just any solar park, an MP related one

Sky Solar Holdings is a publicly-traded global independent power producer (IPP) that develops, owns, and operates solar parks around the world.

They own and operate more than 135 MW of solar parks located in Japan, Greece, Canada, the Czech Republic, Bulgaria and Spain. Their pipeline includes more than 500MW of solar projects under development in countries such as Japan, Chile, Canada, the US and Uruguay. In Bulgaria, they invested about EUR 10 million.

Sky Solar Holdings is an independent entity with no formal association with his former parent company, Sky Solar Group. Sky Solar Holdings was spun out in a 2014 IPO, and is independently operated and managed.

According to the latest financial statement (2018) of Sky Solar Group, the company reported a profit of BGN 382,000 (about EUR 200,000). According to the previous financial statement (2017) of Sky Solar Group, the company reported a profit of BGN 582,000 (about EUR 300,000).

There is no data for any subsidies that these solar parks get from the state for producing green energy.

Who helps Sky Solar Group’s business in Bulgaria? It’s a former minister of Agriculture and current MP, Ventsislav Varbanov.

Ventsislav Varbanov, Bulgarian MP. Source:

Strangely enough, it seems that Varbanov uses two PINs (Personal Identification Numbers) when registering as a business asociate. Using one of them, the current MP got some shares in Sky Solar. Which allegedly does not comply with conflict of interests regulations, as Varbanov was a member of the parliamentary Committee for Agriculture and Forestry while also an associate of Sky Solar. One may realize what the problem might be: as solar parks need permits to operate in certain agriculture areas, it may ne useful to know somebody that deals with agriculture.

There was no sanction for Varbanov for the conflict of interests.


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