IIAs 2026 | Smart Solar Technologies’ Solar Module Factory in Stara Zagora, Bulgaria

Why It Matters

The investment strengthens Europe’s domestic PV supply chain, advancing EU net‑zero manufacturing targets and enhancing energy security.

Key Takeaways

• €122M investment for 1,500 MW solar production capacity.
• Factory to create over 800 jobs in Bulgaria.
• Supports EU Net‑Zero Industry Act 40% local cleantech target.
• Complements 800 MW solar parks boosting Bulgaria’s 27% renewables goal.
• Dual‑sourcing strategy mitigates supply‑chain risks.

Pulse Analysis

Europe’s clean‑energy transition is increasingly dependent on local manufacturing, a trend accelerated by the EU Net‑Zero Industry Act and the Clean Industrial Deal. Smart Solar Technologies’ €122 million factory in Bulgaria directly addresses the policy goal of covering 40 percent of annual cleantech demand within the bloc by 2030. By adding 1,500 MW of solar‑cell capacity, the project not only expands EU‑made photovoltaic supply but also aligns with the ‘Made in Europe’ criteria that are reshaping procurement standards across the continent.

Beyond policy alignment, the Stara Zagora facility promises substantial economic benefits for Bulgaria. Local authorities project the creation of over 800 jobs, while the company’s partnership with regional training institutions aims to upskill the workforce in high‑tech manufacturing. The ancillary 800 MW solar‑park development will further stimulate the renewable‑energy market, helping the country meet its 27 percent renewable‑energy share target for 2030. Early procurement of critical equipment and a dual‑sourcing approach are designed to insulate the project from global supply‑chain disruptions, a prudent move given recent semiconductor and raw‑material shortages.

Strategically, the investment bolsters Europe’s cleantech industrial base, reducing reliance on Asian imports and enhancing supply‑chain resilience. As demand for European‑produced PV modules grows under non‑price criteria, Smart Solar’s presence in the EU could capture a larger market share and encourage further FDI in the region. While supply‑chain and talent risks remain, the firm’s proactive mitigation plans position the project as a benchmark for future mid‑size green‑tech ventures across Europe.

IIAs 2026 | Smart Solar Technologies’ solar module factory in Stara Zagora, Bulgaria

Alex Irwin‑Hunt · February 12 2026

Smart Solar Technologies’ plan to build a factory in Bulgaria has been recognised as the second most impactful announced mid‑sized project in Europe.

The Turkish firm expects to invest €122 million into a solar cell and panel factory in the city of Stara Zagora. Its target production capacity is for 1,500 MW of wafers, solar cells and photovoltaic modules, adding to its two existing Turkish factories in Gebze and Aliağa.

The judging panel were most impressed by Smart Solar Technologies’ potential contributions to strategic FDI priorities, sustainability and inclusion. The company also plans to develop 800 MW of solar parks in Bulgaria, contributing to a goal to boost renewable energy’s share in national energy consumption to 27 percent by 2030.

Project by the numbers

• Investor, HQ country: Smart Solar Technologies, Turkey

• Location: Stara Zagora, Bulgaria

• Sector: Electronic components (solar cells and panels)

• Capital investment: €122 million

• Expected jobs creation (according to Bulgaria’s government): 800+

“The project strengthens Europe’s cleantech industrial base by adding EU capacity in solar cells and modules, improving supply security, traceability and competitiveness,” says Halil Demirdağ, chair of the board at Smart Solar Technologies.

The EU Net‑Zero Industry Act, in effect since June 2024, aims to have EU manufacturing cover 40 percent of annual cleantech needs by 2030. The Clean Industrial Deal, launched in February 2025, also will mobilise more than €100 billion to support EU‑made clean manufacturing.

These initiatives mean “demand for Europe‑made PV is expected to rise through non‑price criteria and ‘Made in Europe’ provisions, creating a clearer market for resilient supply”, says Demirdağ.

But the project is not without its risks. Smart Solar Technologies aims to manage supply chain risks by securing critical equipment early and building dual‑sourcing options. “For talent, we are setting up local recruitment and training with regional institutions,” says Demirdağ.

This article is part of the Special Report: Investment Impact Awards 2026.