AGP-Europe signs VPPA with Rezolv for 229-MW solar project in Bulgaria

Ardagh Glass Packaging-Europe (AGP-Europe), a unit of metal and glass packaging supplier Ardagh​​ Group SA, has signed a 12-year virtual power purchase agreement (PPA) with a solar project in Bulgaria developed by Actis-backed Rezolv Energy.

The deal, supported by Schneider Electric (EPA:SU), will provide 110 GWh of renewable electricity per year for AGP-Europe’s glass manufacturing operations across Europe from April 2026. It is linked to Rezolv’s 229-MW St. George solar project, which will be built at the former Silistra airport in northern Bulgaria, and is expected to generate an average of 313 GWh a year after it becomes operational next summer. Earlier this week, Rezolv announced it has contracted three companies to construct the facility.

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The virtual PPA is one of the first to be concluded in Bulgaria. Rezolv was able to sign such a deal with a major international industrial company because Bulgaria is a full member of the Association of Issuing Bodies (AIB) and is poised to connect to the AIB Hub, which allows its Guarantees of Origin to be traded across Europe, notes the announcement.

Along with a wind PPA signed earlier this year in Sweden, the new deal aims to provide AGP-Europe with a consistent renewable power supply during the year, due to the different sources. The new agreement, combined with other PPAs secured by AGP-Europe, will allow the business to reach over 80% of its renewable electricity targets for 2030.

“The Bulgarian solar project perfectly meets our aim to diversify the locations of our renewable energy supply and to support emerging energy markets: AGP-Europe benefits from a supply of renewable electricity, while helping Bulgaria’s transition to low-carbon energy,” said Martin Petersson, CEO of AGP-Europe, which finalised the agreement in six months.

Rezolv Energy CEO Alastair Hammond commented that through the contract, AGP-Europe has become one of the most important corporate investors in Bulgaria’s energy transition and the leading enabler of the St. George project.