Rezolv Energy, an independent power producer backed by Actis, secured up to €90 million (~$98.09 million) in debt financing to develop and construct the 225 MW St. George solar park in northeastern Bulgaria. The International Finance Corporation (IFC) and Raiffeisen Bank International provided the funding.
The project’s construction will begin soon and is expected to reach commercial operation in 2025. According to Rezolv, the St. George solar park will produce over 310 GWh of clean electricity annually once operational.
Rezolv selected three companies to build the solar project. Solarpro, a Bulgarian company, and CMC Europe will together act as the engineering procurement construction provider. Another Bulgarian company, Green Solar Energy, will deliver high-voltage work.
Ardagh Glass Packaging-Europe (AGP-Europe), an operating business of Ardagh Group, has signed a 12-year virtual power purchase agreement (VPPA) with the company. Under the VPPA, the St. George solar project will supply AGP-Europe with 110 GWh of renewable electricity per year.
The solar project will be built on a brownfield site, the former Silistra airport, covering 165 hectares, comprising nearly 400,000 photovoltaic panels.
“Bulgaria’s transition to a sustainable energy future is crucial, and IFC’s investment in this landmark solar power project underscores our commitment to supporting this transition. By partnering with Rezolv Energy, we are fostering the development of a more diversified and sustainable energy sector in Bulgaria, enhancing energy security, and promoting environmental sustainability,” said Ary Naïm, IFC Manager for Central and South Europe.
According to Mercom’s recently released 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in the 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this week, GreenGo, a renewable energy project developer, secured €32.6 million (~$35.6 million) in financing from Intesa Sanpaolo, an Italian bank, to construct eight new solar projects in Italy with a combined capacity of 41.8 MW.
