AE Solar Horizon to produce solar panels in Bulgaria

AE Solar Horizon bulgaria balkans solar panels factory

Photo: AE Solar


January 16, 2023






January 16, 2023





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.

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

Romania subsidize households EUR 610 for photovoltaics

Romania to subsidize households with up to EUR 610 million for photovoltaics

01 February 2023 - Romania will subsidize as many as 150,000 households this year for the installation of solar panels on roofs and their private land

Greek startup OET manufacturing flexible solar panels

Greek startup OET to start manufacturing flexible solar panels

31 January 2023 - Thessaloniki-based OET secured EU funds for a pilot plant for the production of third-generation photovoltaics – flexible solar power panels

croatia renewables energy approvals public call

Croatia launches public calls for 250 MW in solar, wind projects

31 January 2023 - An investor that gets an energy approval must pay the government EUR 6.6 per kW of the capacity of the planned power plant

Court of BiH annuls decision on illegal state aid for coal-based unit Tuzla 7

Court of BiH annuls ruling that state aid for coal plant Tuzla 7 was illegal

31 January 2023 - The Court of BiH annulled the ruling of the State Aid Council that loan guarantees for the Tuzla 7 coal power plant project were illegal