According to Bulgarian venture capital firm New Vision 3, Bulgarian company AE Solar Horizon is planning to raise 100 million euros by the end of 2023 and is also in talks with several European Stock Exchanges on the possibility of the initial public offering (IPO) next year.
According to the statement from the firm, AE Solar Horizon attracted initial funding of 3.5 million euro to build production plants for solar photovoltaic panels in Bulgaria, Greece and North Macedonia. German renewable energy company AE Solar provided 2.5 million euros of the total amount, New Vision 3 added 1 million euros and Bulgarian engineering company ELIA contributed 500,000 euros.
AE Solar Horizon intends to manufacture more than 3 GW of solar PV panels at factories in Bulgaria, North Macedonia and Greece. The latest generation solar equipment will be able to generate both power and heating energy.
The Bulgarian company’s first plant will be in Tetovo, North Macedonia, which should be put into operation by September 2023. By then, AE Solar Horizon’s Bulgarian plant would already be under construction. The location of the plant to be built in Greece will also have been selected by then.
Germany-based AE Solar, which has 15 years of experience in solar research, development, production and sales, already operates in China, Georgia and Turkey. In late 2021, the German company said it plans to invest 150 million euros in a solar panel factory near Plovdiv in Bulgaria.