Initially receiving approval for a 20 MW plant in 2009, Phoenix Solar has been able to raise the volume by 30 MW. Construction of the first phase is due to begin before the end of the year.
The solar park, which will be located in the Kazaniak region of inland Bulgaria, will comprise ten stages of five MW. The region is anticipated to yield 1,300 to 1,350 kilowatt hours per kilowatt peak a year, which is 30 percent higher than plants in Germany.
The project will qualify for a 20-year feed-in tariff (FIT), which came into effect in June 2011. The FIT is worth 24.8 euro cents per kilowatt hour.
"The successful project development and the subsequent sale of the solar power plant in Kazanlak is another step forward in the internationalization of Phoenix Solar AG. It is the largest project development ever of Phoenix Solar AG," said Andreas Hänel, Chief Executive Officer of Phoenix Solar AG in a statement.
At present Phoenix is negotiating with buyers for the project.