Bulgarian govt approves MoU for EUR-123m solar panel factory

The Bulgarian Council of Ministers on Wednesday approved a memorandum of understanding (MoU) with Smart Solar Technologies AD that calls for a BGN-240-million (USD 137m/EUR 123m) investment to be made in a new solar cell and panel factory.

The company in question plans to build the facility in the village of Elenino in the southern province of Stara Zagora. The idea behind the project is to produce solar photovoltaic (PV) cells and modules mainly for export to European markets such as Germany, the Netherlands, Italy and Austria.

The council’s decision paves the way for the creation of an interdepartmental working group to ensure institutional support for this “priority investment project,” which is expected to open 812 new jobs.

The government considers a project to be of priority if it has significance for the economic development of the country. This particular scheme is expected to contribute to the development of the province by generating sustainable employment and increasing domestic economic activity.

According to information available on the Bulgarian Registry Agency, Smart Solar Technologies was founded by Turkish businessman Halil Demirdag.

(BGN 1.0 = USD 0.569/EUR 0.511)

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