LSIS said Thursday that its massive solar plant in Bulgaria has been completed.
In a statement, LSIS said the brand-new facility, located in the Bulgarian city of Yambol, can produce 14.5 megawatts of solar electricity.
The plant will produce solar electricity for use in some 4,800 households per month, according to company spokesman Kim Bong-kyu.
LSIS formed a consortium with China's CHINT group for the project and the Korean firm invested some 30 million euros or 44 billion won for the construction.
Kim said its first Bulgarian plant will help it bolster its profile in the solar business in Europe. "In Eastern Europe, LSIS plans to increase its stakes by providing a plant-based solar business, while the company is set to raise brand awareness in Western Europe by exporting various patented solar-related solutions for households," he said.
The firm has identified the solar business as its next cash-generator and its vice chairman and CEO, Koo Ja-kyun, is directly leading the way to transform it as a total solutions provider from modules, inverters, design and construction.
The completion of the project comes after the global solar power market is showing signs of mild recovery thanks to government's subsidies after a years-long market slump.
