Actis backed Rezolv Energy will build a 229 MW solar power plant in Bulgaria as the country's 'largest' PV project after it acquired the rights to build and operate the facility in Silistra municipality from YGY Industries JSC.
Currently, the largest operational solar project in Bulgaria has 123 MW installed capacity (see 123 MW Solar Plant Online In Bulgaria).
The St. George project is planned to be built on a decommissioned airfield, on the site of former Silistra airport. Spread on 165 hectares of land, the project will generate close to 313 GWh annually with some 400,000 solar panels installed on site over its working life of 30 years. It is scheduled to come online in early 2025.
According to Rezolv, power generated by the project will be equivalent to 13% of the country's current solar energy production.
"Solar will make up almost 13% of Bulgaria's total installed capacity this year, and estimates suggest that close to 6 GW of solar power will be generated by 2030," said Rezolv's COO Alastair Hammond. "It will help Bulgaria meet its renewable energy targets and contribute to its energy independence. Crucially, for the business sector, it will also enable us to provide highly competitive, subsidy-free clean power at a stable price for industrial and commercial users right across the country."
Power will be sold to commercial and industrial (C&I) users under long-term power purchase agreements (PPA), said Rezolv that was set up by sustainable infrastructure investor Actis a year back in July 2022 to focus build clean energy portfolio for corporate power supply in Central and South Eastern Europe (see Actis Launches New European RE Platform Called Rezolv Energy).
Last year, the company acquired a 1.04 GW solar plant in Romania, touted to be the 'largest' solar plant in Europe once online (see Europe's 'Largest Ever' Solar Plant With 1 GW Capacity). Its current development portfolio in Romania exceeds 2 GW, all of which is currently being prepared to enter construction.
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