Bulgaria's Yambolen plans to build 5.8 mln euro solar park

Bulgarian synthetic fibre manufacturer Yambolen [BUL:YAMB] said it is seeking shareholders' approval to sign a 5.8 million euro ($6.6 million) contract with local PV Consult for the construction of a solar park in the town of Yambol.

The deal envisages the design, construction and assembly of a 9,998.46 kWp photovoltaic installation as well as the supply of the respective equipment, Yambolen said on Thursday in an invitation for an extraordinary shareholders' meeting scheduled for February 18.

The Yambol-based company will use the electricity generated by the solar park for its own needs and for sale, it said.

Yambolen's net profit fell to 97,000 levs ($56,100/49,600 euro) in the first nine months of last year from 196,000 levs in the same period of 2020, as revenue went down to 526,000 levs from 751,000 levs, according to the company's most recent financial statement.

Yambolen is mainly active in the production of polyester fibers, polyester silk, technical rubber products, inorganic salts and textiles.

Shares of Yambolen last traded on the Bulgarian Stock Exchange at 0.65 levs, bourse data showed.

($ = 0.88398 euro)

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