SOFIA (Bulgaria), July 13 (SeeNews) - Bulgarian steel products manufacturer Radomir Metal Industries plans to build a 120 million euro ($150.9 million) solar park, aiming to support its core Business and save jobs, local media reported on Tuesday.
The solar park will have a capacity of 50 megawatts (MW) and will be built on an area of 140 hectares at the company's production facilities in Radomir, in southwestern Bulgaria, Business daily Pari reported quoting the company’s supervisory board chairman Plamen Bonev as saying.
Through the production of electricity from the solar park the company aims to support its main line of production (steel castings and forgings), and keep its workforce, the executive director of Radomir Metal Industries Lyudmil Alexandrov said in the same article.
Since the beginning of the global economic downturn Radomir Metal Industries has laid off 700 of its 1,200 workers in response to decreasing demand. The company may also be forced to lay off another 100 workers after a narural gas prices rose by nearly a quarter as of July 1, Pari (www.pari.bg) reported.
The solar park project will be implemented in cooperation with two German companies and will be financed through 15-year loans from German banks that will carry an interest rate of up to 3.0%, Bonev was quoted as saying.
Registration is pending for a new subsidiary of the company that will run the solar energy Business, after which Radomir Metal Industries will apply for an electricity production licence. The company will sell the produced energy to state-controlled power grid operator NEK.
The solar park will be built in stages. The installment of the first solar panels will begin at the end of this year.
The company provided no deadline for the completion of construction works.
The production facilities of Radomir Metal Industries (www.radomir-metal-industries.com) comprise a scrap yard, a steel production shop, a steel foundry, a fettling shop, a pattern shop, a forging and heat treatment shop, machining shops and laboratories.
($ = 0.7954 euro)
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