Silistra-based producer of solar panels Solarpro, the biggest solar panels manufacturer on the Balkans, has announced mass layoffs and a forthcoming halt in operations.

A total of 156 people will lose their jobs and some 30 newly dismissed employees of the company have already registered with the local Labor Office, according to reports of TV channel Bulgaria on Air.

The company explained the production halt with the need to restructure its operations.

According to Solarpro, a key factor for the decision was the low purchase price of solar generated electricity set by Bulgaria's State Commission for Energy and Water Regulation (DKEVR).

The company listed the shrinking market for photovoltaics as another major reason for the forthcoming production halt.

In early-June, Bulgaria's energy watchdog announced that the new power tariffs entering into force in July would bring a reduction of 45-51% in prices of solar generated electricity, depending on the installed capacity.

The Solarpro plant in the northeastern town of Silistra was launched in 2009 as the biggest solar panels manufacturing capacity in the Balkans.

Investments in Solarpro have amounted to tens of millions of leva.

Meanwhile, another company in the sphere, Varna-based Intersolar, became the first solar park operator to be listed on the Bulgarian Stock Exchange (BSE).

The issue approved for listing in mid-May comprises 26 073 000 shares with a par value of BGN 1.