German company intends to invest over EUR 1 billion in renewables in Bulgaria

Profine Energy is opening a subsidiary in Bulgaria for solar power projects. The German company expressed interest in investing more than EUR 1 billion in the country’s northwest.

The Ministry of Economy and Industry of Bulgaria said Acting Minister Nikola Stoyanov met with owner and Chief Executive Officer of profine Group Peter Mrosik and the Chairman of the Board of Wirth Gruppe, Markus Wirth. The two German companies recently established a joint venture called profine Energy.

At the time, profine Group and Wirth said the new energy service provider would develop, build and operate photovoltaic and wind parks, battery systems and biomass facilities.

Single largest investment in Bulgaria so far

According to the ministry, the new firm is registering a subsidiary in Bulgaria and its representatives said it would develop and install solar power plants. They expressed interest in investing more than EUR 1 billion in the country’s northwestern region, the announcement adds. It would be the single largest investment in Bulgaria so far.

Stoyanov said the joint venture can count on the government’s full support and presented the available incentives.

Profine Energy is about to make its investment decision, the ministry claimed. The two sides are preparing a memorandum of understanding.

Factory, photovoltaic plant planned in Serbia

Wirth Gruppe, based in Baden-Württemberg, offers a range of engineering services. Profine Group, based in North Rhine-Westphalia, produces PVC profiles for windows and doors, shutter system solutions and PVC sheets under its brands KBE, Kömmerling and Trocal.

The group aims to install renewable electricity plants for its 29 units in 23 countries. Of note, profine Group bought a six-hectare site in neighboring Serbia in May for a production facility. Later it also revealed the plan for profine Energy to build a solar power plant on an adjacent lot for its own needs and potential local partners.