Smart Solar invests 120 million euros in a solar panel factory near Stara Zagora

The Bulgarian company Smart Solar Technologies AD will invest 120 million euros in a factory for the production of solar panels and cells in the village of Elenino, near Stara Zagora. The company is part of Smart Energy Group AD, included in the list of projects that will receive funding under the Recovery and Sustainability Plan for the development of the coal region in transition.

For this purpose, a Memorandum of Understanding between the Bulgarian government and the private company was approved at the meeting of the Council of Ministers on Wednesday.

Development of Stara Zagora

The company's plan is to build a plant to manufacture solar panels and cells with a capacity of 1.5 GW. The plant will be located in the extension of the industrial zone "Zagore" near Elenino. The National Company of Industrial Zones and the Municipality of Stara Zagora are shareholders in that industrial park. The expectation is that 812 jobs will be created at the new factory. 

The Council of Ministers also decided to create an interdepartmental working group to provide institutional support for the implementation of this project.

The solar panels produced will be mainly intended for export to European markets - Germany, the Netherlands, Italy and Austria.

The investment will contribute to the development of the municipality of Stara Zagora by generating sustainable employment, increasing local economic activity and improving the well-being of the population," states the decision of the Council of Ministers.

In July, it was announced that the "Elenino" industrial zone in Stara Zagora will receive a grant of about 7 million euros from the Ministry of Innovation and Growth. The local administration won a tender to build the infrastructure, and the relevant activities must be completed by January 1, 2026.

With the implementation of this project, we will have a completely ready industrial zone, suitable for investors, including high-tech companies with high added value", commented the mayor of Stara Zagora, Zhivko Todorov, adding that there was already specific interest from investors.

In addition, from the words of the city’s deputy mayor, Radoslav Tanev, it became clear that the municipality had already attracted one investor while conducting negotiations with a second one.

Who are Smart Solar?

Smart Solar is part of Smart Energy Group - a group of leading companies in the field of construction and production of electricity from renewable energy sources, as well as a manufacturer of photovoltaic panels.

The plans for the construction of the plant near Stara Zagora are not new. The company has long stated its intention to also open a production facility in Bulgaria. It was evident as early as 2023 that it would receive European funding for such a project.

Smart Solar was registered in Bulgaria in 2009. Its CEO is Halil Demirdag, who is on the Board of Directors, according to the Bulgarian Commercial Register. The company has also been very active in the Turkish market since 2014, as it currently has four solar panel factories in that country. Their annual solar panel production capacity is expected to be 2.9 GW and solar cell production capacity to be 2 GW by the 4th quarter of 2024. The Turkish side of the business operation is also led by Demirdag, who is also the president of the Turkish Solar Energy Industry Association (GENSED).

Apart from Turkey and Bulgaria, the company also has offices in Romania, Greece, Germany, Switzerland and Ukraine.

The company's vision is to be "the company of the future by creating value through the innovative renewable energy and technology solutions we offer," according to its website.

Co-financed by the European Union. The views and opinions expressed, however, are entirely those of their author(s) and do not necessarily reflect the views and opinions of the European Union or the European Commission. Neither the European Union nor the European Commission is responsible for them.

Translated by Tzvetozar Vincent Iolov