Germany's AE Solar to build EUR-1bn PV panel factory in Romania

German solar panel maker AE Solar intends to pour roughly EUR 1 billion (USD 1.06bn) into the construction of a new production base in Romania with a total capacity of up to 10 GW.

The Bavaria-based company’s commitment was announced on Monday during a meeting with Romania’s Prime Minister Nicolae-Ionel Ciuca with representatives of the Black Sea Universities Network.

The plan is to start with the construction of a 2-GW factory and eventually expand it to 10 GW, making it possible to cover 33% of European demand. The initial phase will be executed this year.

On its part, the Romanian government said it will consider the possibility of supporting the proposed investment from the state budget or with European funding.

Set up in 2003, AE Solar has manufacturing plants in Europe and Asia and currently operates in over 95 countries, it says on its website. Last year, the company joined hands with North Macedonia's PiKCELL Group to jointly build a solar panel factory in Tetovo and later committed to investing EUR 150 million in the construction of a production site near the Bulgarian city of Plovdiv.

(EUR 1.0 = USD 0.944)

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