SOFIA (Bulgaria), June 27 (SeeNews) – Bulgarian southeastern town of Svilengrad will team up with Sofia-based company Regent Capital to build a five megawatt (MW) solar park for an undisclosed sum, the Svilengrad municipality said on Friday.
The municipality and the company will set up a 25-75 joint venture. The municipality will contribute with a land plot of 12.3 hectares near the town, where the park will be built, it said in a statement.
“The construction of the solar park is expected to start by the autumn, but this is not a final timetable,” the municipality’s public relation officer Kalina Raikova told SeeNews by phone from Svilengrad. Raikova declined to reveal the value of the planned investment.
Regent Capital’s officials were not immediately available to comment.
“Through this public-private partnership, the municipality’s returns will by far exceed its investments in the coming five to ten years,” the mayor of Svilengrad, Georgi Manolov, said in the statement.
Regent Capital is 98% owned by the U.S. company North Investment Inc., data of Bulgarian business register Apis showed.
Bulgaria should achieve an 11% target of sourcing its electricity consumption from renewable sources by 2010 and 16% by 2020 under agreements with European Union, which it joined last year.
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