Another Chinese technology, the same Bulgarian sun

Chint Solar has a framework contract for the supply of medium voltage vacuum circuit breakers to Astronergy Solar with an estimated supply value of BGN 5.7 million (EUR 2.9 million).

Circuit breakers are a production of Chint Electric Co. LTD. The company is owned by Nan Chunhui CHINA.

Chint Solar’s partner in Bulgaria is the Bulgarian branch of Astronergy Solar Korea Ltd. In fact, Astronergy is a brand name of Chint Solar.

Chint Solar only supplies equipment in Bulgaria, it does not have a solar park.

Chint Solar’s headquarters in China are in Hangzhou.

According to the latest financial data (2018) of Astronergy Solar (the Bulgarian company), it reported a loss of BGN 1,715,000 (about EUR 900,000).

A report in the Commercial Register shows that in November 2011, Astronergy Solar Bulgaria was registered in Bulgaria with the sole owner being Astronergy Solar – the Netherlands. In mid-May 2011, the Bulgarian company borrowed a large sum from the Chinese Banking Development Corporation. The document shows that the funds were to be used to develop a total of ten projects. Astronergy Solar Bulgaria also owns 100% of Hanovo 1 Solar, which operates and maintains a photovoltaic plant in the village of Hanovo, Yambol region. This is one of the projects referred to in the loan agreement.

Chint’s solar power plant in Yambol. Source: koreatimes.co.kr

Astronergy was established in 2006 and is engaged in the development and production of solar modules. The company is the first large-scale manufacturer of thin-film modules in mainland China. In addition to local projects, the company has numerous parks in Spain, Italy, Germany, the US, Korea and Thailand. Astronergy also recently announced a partnership with Japan-based Koyo Holdings, which aims to strengthen its position in this market as well. After the Fukushima accident, Japan will rely less and less on nuclear energy, which provides significant opportunities for the development of renewable energy, Astronergy said.

Chint Group was founded in 1984 and currently has eight subsidiaries. The companies in the group operate in several sectors, including the transmission and distribution of low voltage electricity, the production of electrical and metering equipment, construction, and solar power. The company operates in over 90 countries.

 

Read more about the Chinese companies in:

Ukraine

Moldova

Romania