Jan 21 (Reuters) - Toshiba Corp (6502.T), Tokyo Electric Power Co (9501.T) and the Japanese government will come together to build one of the world’s biggest solar power stations in Bulgaria, the Nikkei business daily reported.
The power plant — slated to cost over 100 billion yen ($1.22 billion) — will come up in the eastern city of Yambol by 2011 end, the paper said.
With an output capacity of about 50 mw — to be expanded to 250 mw in five years — the plant is a step in Bulgaria’s bid to pave the way for obtaining 16 percent of its power from renewable energy sources by 2020, Nikkei said.
Currently, solar power accounts for roughly 7 percent of the country’s electricity needs, the paper reported.
Toshiba, Tokyo Electric, Itochu Corp (8001.T) and the Japanese government-backed Innovation Network Corp will set up a local joint venture, the daily said.
They will invest about 50 billion yen in the project while European power utility CEZ Group CEZPsp.PR will contribute 10-20 billion yen, the paper said.
The Bulgarian government said it will extend support by setting up a fixed purchase price for the power from the solar plants, according to the Nikkei. ($1=82.10 Yen) (Reporting by Aditi Sharma in Bangalore; Editing by Joyjeet Das)