Bulgaria Signs Deal to Invest in Iran's Solar Energy Projects
A Bulgarian company signed a Memorandum of Understanding (MoU) with Iran to develop solar photovoltaic infrastructure in the Iranian central city of Jahrom, Xinhua reported.
The International Finance Corp. (IFC) is planning to offer a package of EUR 59 M to the French based firm EDF Energies Nouvelles SA for the construction of a solar energy project in South Bulgaria.
The IFC, part of the World Bank, is planning to lend EUR 21 M, syndicate EUR 28 M and offer a EUR 10 M subordinated loan as part of the deal, according to Zibusiso Sibanda, spokeswoman for the IFC, cited by Dow Jones Venturewire.
The 21.4-megawatt solar project in the village of Serm will use First Solar Inc.'s (FSLR) panels and will have a total cost of EUR 83 M, according to the IFC.
Power will be sold under a 25-year contract to state-owned national electricity company NEK. Construction is scheduled to start toward the end of 2010, and the project is due to be fully operational in the first quarter of 2012.
The developer is also planning a second phase of the project nearby, according to the IFC.
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The European Commission initiated a new infringement procedure against Bulgaria on Thursday for failing to submit a report on the energy performance of buildings as required by the directive
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