Turkish company Smart Solar Technologies plans to build a factory to produce solar cells and modules in Bulgaria. The project is worth around 123 million euros and is considered a “priority investment project” by the Bulgarian government. The majority of the factory’s production would be destined for the European market.
Bulgaria’s Council of Ministers, the country’s highest executive body, has given the green light to the signing of 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 modules produced at the planned factory will be exported mainly to European Union (EU) markets, including Germany, the Netherlands, Italy and Austria, local media reported, citing a government statement.
Most of the future plant’s production would be exported to the EU
The Bulgarian government also plans to set up an inter-agency working group to help implement the Turkish company’s project. The project is expected to create over 800 jobs, boost economic activity and create sustainable employment in the municipality of Stara Zagora.
According to local media, the project is in line with Bulgaria’s investment promotion policy, which emphasizes significant contributions to the country’s economic development.
Smart Solar Technologies has three plants in Turkey
Earlier this month, Smart Solar Technologies (Smart Güneş Teknolojileri) started 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 began production in 2022.
The Turkish company hopes to expand into the US and the EU
The Turkish company has a capacity of 800 MW per year and has previously reportedly expressed ambitions to expand into the global market, including the United States and the European Union.
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