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Toshiba to build solar plant in Bulgaria

Toshiba and Tokyo Electric Power will be teaming up with the Japanese government to construct one of the largest solar power stations in the world in Bulgaria according to reports.

Toshiba, headquartered in Tokyo, Japan plans to build a large solar power plant in Bulgaria. Image:Wikipedia/Josef Thiel

The plant site will be the eastern city of Yambol and completion is expected to be by March 2012. The cost is slated at more than 100 billion Japanese Yen (US$1.2 billion).Toshiba, Tokyo Electric, Japanese trader Itochu and the government-backed Innovation Network of Japan will set up a local joint venture, investing a total of around JPY50 billion. CEZ Group, the seventh ranked European power utility will also take part in the joint-venture. The plant is set to start with an output capacity of approximately 50,000 kilowatts.

According to reports, Bulgaria will benefit from Japanese technology to ensure the country's aims to comply with EU goals as well regarding renewable energy. 16 percent of the power will be from renewable sources by 2020 in Bulgaria, a jump from the present seven.