Rezolv Energy secures licence for 229-MW solar project in Bulgaria

Rezolv Energy, a clean power platform launched by investment firm Actis in 2022, has secured a licence for its 229-MW St. George solar project to be built at the former Silistra airport in Silistra municipality, northeastern Bulgaria.

The company said on Thursday that Bulgaria’s Energy and Water Regulatory Commission has granted the licence after concluding that the project was “financially viable and the owner has the necessary financing capabilities to complete it.”

Construction will kick off in the coming months, with the site expected to be fully up and running by the second quarter of 2025.

The developer plans to sell the generation of what will be one of the largest solar plants in Bulgaria to commercial and industrial users via long-term power purchase agreements (PPAs).

Rezolv, which operates across Central and South Eastern Europe, acquired the project in 2023.

According to the company, the energy transition is in progress in Bulgaria. “The ‘pause’ button was pushed on new renewables capacity for a decade leading up to 2022, but the energy transition is now well underway. Solar capacity increased by more than 80% last year, and corporate demand for clean power is developing just as quickly,” said chief executive Alastair Hammond.

The St. George project is described as the largest foreign investment in Bulgaria’s renewables sector so far.

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