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German Company with Interest in Investing over 1 billion Euros in Northwestern Bulgaria
Business | November 8, 2022, Tuesday // 09:01
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A German company has expressed interest in an investment of over 1 billion euros in the region of Northwestern Bulgaria. This became clear during a meeting yesterday between the Minister of Economy and Industry Nikola Stoyanov and the management of Profine Energy GmbH. This would be the largest one-time investment made in the history of the Bulgarian economy.
"You can count on the full support of the state to speed up administrative procedures for the realization of investment intentions," emphasized Minister Stoyanov. He presented the opportunities for incentive measures that the investor can take advantage of. "I know that you are already in contact with many German companies that have chosen Bulgaria. I am sure that you will be convinced by them as well - German business feels good in our country and a number of companies are planning new expansions", emphasized Nikola Stoyanov.
The German company is in a very advanced phase of making its investment decision in Bulgaria, it became clear during the meeting. The preparation of a Memorandum, in which Profine Energy will declare interest in the investment in writing, has also started.
Profine Energy GmbH is a joint venture between Profine Group, Germany and Wirth Group, Germany. They have investment interests in the field of electricity generation from renewable energy sources. The incorporation of a subsidiary of the German company under Bulgarian legislation is currently underway. Its purpose is the development and subsequent implementation of photovoltaic plants in Bulgaria, emphasized the representatives of the company, quoted by the Ministry of Economy.
The seriousness of the investment intention was confirmed during the meeting personally by the group's executive director Dr. Peter Mroslik and Markus Wirth, chairman of the board of the Wirth Gruppe.
About the investor: Last month, Profine Group and Wirth Group founded a joint energy service provider, Profine Energy GmbH, based in Waghäusel, Germany. The "Profine Group", under the brands KBE, KÖMMERLING and TROCAL, manufacture PVC profiles for windows and residential doors, shutter systems and PVC boards. The consolidated turnover of the company is over 900 million euros and the production capacity is approximately 450,000 tons of profiles per year. Profine Group has more than 3,000 employees in 29 sites in 23 countries.
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