Belgium Company Invests EUR 15 M in Bulgarian Biofuels Plant

The construction of a new plant for the production of biofuels will begin by the end of 2010 in Bulgaria's southern city of Kardzhali.

The information was provided by Yves Crits, CEO of the Belgium company 4Energy Invest, which specializes in renewable energy by creating and managing a portfolio of small to middle-sized locally embedded projects that transform biomass into energy.

Crits is in Kardzhali on the invitation of the Member of the European Parliament, Vladko Panayotov. The CEO arrived with the goal to purchase wood and to survey possible locations for the new plant.

The Belgium investment is estimated at EUR 15 M. The project will provide about 40 new job positions for workers and additional openings for people, who will deal with the delivery of the wood.

The technology to turn wood into energy is an innovation never used before and the only similar factory so far is located in Belgium. Crits says the technology and the production will reduce the carbon dioxide emissions in Bulgaria in light with the EU legislation.

The biofuels will be used for the heating of buildings, production of electric power, and in different industrial productions.