Toshiba Corp. and Tokyo Electric Power Co. will team up with the Japanese government to build one of the world's biggest solar power stations in Bulgaria,
The total project cost is estimated to exceed 100 billion yen. The solar power plant will be built in the eastern city of Yambol by the end of fiscal 2011. It will start out with an output capacity of roughly 50,000kw, then gradually be expanded, with a goal of raising the capacity to 250,000kw in five years.
Toshiba, Tokyo Electric, Itochu Corp.and the government-backed Innovation Network Corp. of Japan will set up a local joint venture, investing around 50 billion yen. CEZ Group, the seventh-ranked European power utility that operates in multiple Eastern European countries, will also take part, contributing 10-20 billion yen.
A European Union member, Bulgaria faces the urgent need to bolster the use of renewable energy sources to reduce carbon dioxide emissions. By tapping Japanese technology, the Eastern European nation aims to pave the way for obtaining 16% of its power from renewable energy sources by 2020, up from roughly 7% now.
The Japanese government will back the project through Innovation Network's investment. The Bulgarian government will extend support by setting a fixed purchase price for power from solar plants.
Japanese Economy and Industry Minister Banri Kaieda and Bulgarian Economy and Energy Minister Traycho Traykov will agree to support the Toshiba consortium in a meeting early next week.
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