Bulgaria’s Council of Ministers has signed an agreement with Turkey’s Smart Solar Technologies AD for the construction of a new solar cell and panel factory.
The company will build the manufacturing facility in the village of Elenino in southern Bulgaria, creating 812 new jobs. The government has designated the project as a priority investment, and an inter-agency working group will oversee its development.
According to the government's press center, most of the production will be exported to European markets, including Austria, the Netherlands, Germany, and Italy.
Under the terms of the agreement, Smart Solar Technologies will invest BGN 240 million ($137 million) in intangible and fixed tangible assets. The company said in a statement on social media that the investment will be supported by a €34 million ($38 million) grant.
According to the company’s website, Smart Solar Technology currently has 2.9 GW of solar module production capacity and exports to more than 19 countries.
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