Rezolv Energy has secured up to €90 million in debt financing from the International Finance Corporation (IFC) and Raiffeisen Bank International to support the construction of a 225 MW solar park in north-east Bulgaria. The St George solar park, which will be located on a 165-hectare brownfield site, a former airfield, will feature nearly 400,000 photovoltaic panels.
Rezolv has also signed a 12-year Virtual Power Purchase Agreement (VPPA) with Ardagh Glass Packaging-Europe (AGP-Europe) to supply 110 GWh annually, helping to decarbonize its manufacturing operations. In addition, Bulgarian companies Solarpro and CMC Europe will oversee engineering, procurement, and construction, while Green Solar Energy will handle the high-voltage work.
Construction is expected to begin shortly, with the park set to be operational next year. With an annual generation capacity exceeding 310 GWh, St George will become one of Bulgaria's largest solar projects. It will play a pivotal role in reducing the country's dependence on fossil fuels and support Bulgaria in meeting its climate goals, while creating 200 jobs during the construction phase.
Alastair Hammond, CEO of Rezolv Energy, emphasized the significance of repurposing the site, saying, “Securing this support from the IFC and Raiffeisen Bank International is a big step towards turning that dream into a reality.”
