Schneider Electric Bulgaria invests 1.8 mln euro in geothermal energy system

The investment, which has received an operational permit, is expected to be recouped in 10 to 13 years' time, the prime minister's office said in a press release.

The geothermal heating and cooling system is part of a 60-million-euro expansion of the smart factory which started last year, and is set to entirely substitute the use of natural gas by Schneider Electric Bulgaria, a subsidiary of French energy management and automation company Schneider Electric.

The expanded factory together with the geothermal system are in the final stages of development and are expected to become operational in a short term, a company spokesperson told SeeNews over the phone.

The industrial site enlargement will create 150 new jobs, bringing the electrical equipment maker's headcount in Bulgaria to over 1,000, according to an earlier company statement. The expansion will raise production output by 30%. Schneider Electric's factory in Plovdiv has so far been producing over 40 million automatic circuit breakers per year.

Last month, the French group said it is boosting investments in decarbonisation across its operations, with a goal to become carbon neutral by 2030, while at the same time reducing carbon emissions across its value chain by 25%.

Earlier this year, Schneider Electric Bulgaria became the sixth company to commit to Trakia Economic Zone's carbon zero charter, which aims to transform the area into a carbon neutral industrial park. The charter foresees a share of 60% of renewable energy for industrial production needs at the park by 2030.

Schneider Electric, which has been operating in Bulgaria since 1990, set up its local subsidiary in 1998. The company opened the Plovdiv facility in 2007, following an investment of 22 million euro.

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