Independent power producer Rezolv Energy, backed by UK-based investment firm Actis, has secured up to EUR 90 million (USD 98.1 million) in debt financing to facilitate the construction of the 225-MW St George solar park in northeastern Bulgaria. The financing comes from the International Finance Corporation (IFC) and Raiffeisen Bank International.
The St George solar project will be constructed on a brownfield site at the former Silistra airport and is expected to enter the construction phase soon, with commissioning planned for 2025.
The solar park will span 165 hectares and will feature nearly 400,000 solar panels, generating over 310 GWh of clean electricity annually.
This project is considered one of the largest solar installations in Bulgaria. It has already secured a 12-year virtual power purchase agreement (PPA) with Ardagh Glass Packaging-Europe (AGP-Europe), a subsidiary of Ardagh Group SA, a supplier of metal and glass packaging.
See Also
- Rezolv Energy Secures €90M for 225 MW Solar Park in Bulgaria
- Rezolv Energy Begins Construction on 225-MW St George Solar Project in Bulgaria
- Rezolv Energy Acquires Rights for 229MW Solar Plant in Bulgaria’s Silistra Municipality
- EBRD Supports €238-MW Solar Farm in Bulgaria with €50M Loan
- Raiffeisen Bank International Provides €60m Financing for Econergy’s 155MW Solar Project in Romania
