The company acquired the land resources through the acquisition of 100% of the membership interest of the Bulgarian Consulting and Development Firm Foreign Support And Consulting (FSC), an advisory firm specializing in the support of foreign companies seeking assistance to enter the Bulgarian energy market.

The company said that as part of its global business development strategy, FSC is being be re-named into Euro Solar Parks Bulgaria, which will become the first local subsidiary of Euro Solar Parks that will be responsible for the further development of the operational business in Eastern Europe.

Based on the current local feed-in tariffs of EUR0.37 per kW, Euro Solar Parks expects an annual revenue contribution of about EUR256,900 starting from the end of 2011.

The management of Euro Solar Parks Bulgaria expects to be ready to start with the construction of the PV plant after preparing the detailed structural plan and signing a contract with the regional Electricity Distribution Company.

It is furthermore expected to complete successfully the licensing application in 2011 and start building the PV plant by the end of 2011.