Renewables

AE Solar Horizon to produce solar panels in Bulgaria

AE Solar Horizon bulgaria balkans solar panels factory

Photo: AE Solar

Published

January 16, 2023

Country

Comments

comments icon

0

Share

Published:

January 16, 2023

Country:

Comments:

comments icon

0

Share

Bulgarian-German company AE Solar Horizon has submitted an application to the city authorities of Kyustendil for building a factory to manufacture solar panels, according to officials from the Bulgarian city.

The investment of AE Solar Horizon, the first in the Kyustendil industrial zone, is estimated at BGN 20 million (EUR 10 million), mayor Petar Paunov said.

The projected capacity of the factory for Tier-1 photovoltaic panels is 1 GW. The start of construction is planned for the summer, with completion targeted in 18 months, local media reported. The facility will span 1.2 hectares, and create 100 jobs. All the electricity for the factory will be supplied by hydropower plants.

The investor plans to donate 100 kW of solar panels to local authorities every year

According to Paunov, the investor plans to donate 100 kW of solar panels to the local authorities every year, and to secure additional benefits to citizens. Technical documentation for solar panels for all public buildings will be funded and prepared by the investor.

An incubator for solar energy start-ups will be created and free training organized for solar panel installers. Every citizen of the municipality interested to install PV panels will be offered interest-free lease, Paunov said.

The factory in Bulgaria is one of three planned in the Balkans by AE Solar Horizon, which is established in 2022. The other two will be located in Greece and North Macedonia, according to a press release by investment fund New Vision.

AE Solar Horizon plans to build three factories in the Balkans

AE Solar Horizon has obtained its initial capital of EUR 3.5 million from Bulgarian venture capital fund New Vision 3, which provided EUR 1 million, German solar producer AE Solar GmbH, which contributed EUR 2 million, and Bulgarian engineering company ELIA, with EUR 500,000.

In September 2022 German company AE Solar announced an investment in North Macedonia.

A year earlier it also announced an investment near the Bulgarian city of Plovdiv, and a project in Kayseri, Turkey.

Italian company EXE Solar said in November that it would build a solar panel factory in Yambol in Bulgaria.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Share coal power Finland nearly zero cogeneration plant shuts down

Share of coal power in Finland nearly zero as cogeneration plant shuts down

03 April 2025 - The now closed Salmisaari coal plant accounted for just 0.8% of the electricity mix in Finland together with three remaining ones

solar nuclear power prices europe eurelectric

Solar, nuclear lower Europe’s power prices by 30% in March

03 April 2025 - Solar broke a record in power generation in March for the third consecutive month, making up more than 10% of Europe’s electricity mix, Eurelectric said

PPC announces 5.8 billion plan for Western Macedonia, focused on photovoltaics, storage and data centers

PPC plans EUR 5.8 billion makeover of Western Macedonia coal region, including data centers

03 April 2025 - PPC presented a EUR 5.8 billion investment plan for the coal region of Western Macedonia in northern Greece

Eurowind Energy virtual PPA Romania automotive manufacturer

Eurowind Energy signs virtual PPA in Romania with automotive manufacturer

03 April 2025 - Autoliv contracted the supply of electricity from a wind park that Eurowind Energy built in Romania and Alight's solar project in Finland