Actis-backed Rezolv breaks ground on 225-MW Bulgarian solar project

Independent power producer (IPP) Rezolv Energy, which counts UK-based investment firm Actis as a backer, on Tuesday marked the start of construction works at the 225-MW St George solar project in northeastern Bulgaria.

In a country which has historically relied on fossil fuels for most of its energy needs, St George will play a crucial role in Bulgaria’s energy transition and help the country meet its climate targets, the company said in a social media post published today.

Local company Solarpro Holding and CMC Europe have been selected as the engineering, procurement and construction (EPC) partners, while another Bulgarian company, Green Solar Energy, has been picked to deliver the high-voltage work. The construction phase of the project is expected to open 200 new jobs.

Spanning 165 hectares, St George is being built on a brownfield site at the former Silistra airport. The site will be equipped with nearly 400,000 solar panels that will generate more than 310 GWh of clean electricity annually.

The solar farm is expected to go live next year, according to earlier statements.

The ground-breaking ceremony follows the announcement that the project, touted as one of the largest solar projects in Bulgaria, has secured up to EUR 90 million (USD 96.9m) in debt financing from the International Finance Corporation (IFC) and Raiffeisen Bank International.

(EUR 1 = USD 1.077)

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