Balmoral Capital Holdings, financing arm of Balmoral Bulgaria SPV, an integrated solar power plant development company, has signed a 25-year agreement with Apex Solar to organize approvals for 18 photovoltaic power plants in Bulgaria, according to SolarBuzz.

The plants will range from 1MW to 5MW for a total of 144MW across the whole 18. Each plant designed will be organized by Apex Solar to be developed for panel delivery in early 2010.

"The organization and contract building now in PV power plants in Bulgaria is a major milestone for our Balmoral Companies as our subsidiary Balmoral Bulgaria," said Rodney Kincaid, Managing Partner of Balmoral Capital and CEO of Balmoral Financial.

Kincaid added that the company is looking for competitive bids on high-performance PV panels, with the results of the winning bid given in the next 30 days. "There are so many high technically performing panels with great financial returns. It is hard to settle to one manufacturer," he said.

In the future the company plans to build 130-144 PV plants in Bulgaria and move to other European markets by 2011. Various income funds are discussing buying the income streams from the projects.