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Turkish firm Smart Solar Technologies plans to build a factory in Bulgaria to manufacture solar cells and panels, in a project valued at about EUR 123 million and seen by the Bulgarian government as a “priority investment project.” Most of the plant’s output would be destined for European markets.
The Bulgarian Council of Ministers, the country’s top executive body, has given the green light for signing a memorandum of understanding with Smart Solar Technologies, which plans to build the plant in the village of Elenino in the southeastern municipality of Stara Zagora.
The solar cells and panels manufactured in the proposed factory would mainly be exported to European Union (EU) markets, including Germany, the Netherlands, Italy, and Austria, local media reported, citing a statement from the government.
Most of the future plant’s output would be exported to EU markets
The Bulgarian government also plans to set up an interdepartmental working group to help implement the Turkish company’s project, which is expected to create over 800 jobs, boost economic activity, and generate sustainable employment in the Stara Zagora municipality.
The project is in line with Bulgaria’s investment promotion policy, which prioritizes significant contributions to the country’s economic development, according to local media.
Smart Solar Technologies has three plants in Turkey
Earlier this month, Smart Solar Technologies (Smart Güneş Teknolojileri) launched regular production of solar cells at its manufacturing facility in Aliağa near Izmir, Turkey. Founded in 2014, Smart Solar Technologies built its first factory in Gebze near Istanbul in 2017, while its solar module plant in Dilovası started production in 2022.
The Turkish company hopes to expand to the US and the EU
With a capacity of 800 MW per year, the Turkish company has expressed its ambition to expand in the global market, including to the United States and the European Union, according to earlier reports.
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