St. George PV

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The proposed investment will support the development of the St George Solar Project (the Project), a 199 MW solar photovoltaic (PV) plant to be located near the town of Silistra in Northeastern Bulgaria.  The project will be developed by R-Engineering EOOD (the “Company”), an SPV established by Rezolv Energy (https://rezolv.energy/). Rezolv is an independent renewable energy producer focused on investments in renewables in the Eastern European energy market. It is wholly owned by Actis LLC. The project consists of the construction, operation, and maintenance of the solar plant. Construction work is expected to commence in mid-2024 and will take approximately 12 months. The plant is anticipated to be in operation for 35 years. The PV plant will be a medium-size utility-grade grid-connected solar-PV power system consisting of approximately 395,000 PV panels mounted on fixed-tilt structures, string inverters, 110 kV step-up substation, grid connection equipment, and supporting infrastructure such as internal access roads, security system, office facilities, and maintenance buildings. The PV plant will be connected to the national grid via two 110 kV overhead transmission lines (OHTL) to be built as part of the project, connecting to existing transmission lines situated to the north (“Pelikan” OHTL) and the east (“Dorostol” OHTL) of the proposed plant substation. The to-be-constructed transmission lines will be approximately 3.7 km and 2.3 km, respectively. The PV plant site is adjacent to Polkovnik Lambrinovo's village, located approximately 5 km south of Silistra in the Silistra District. The site is predominantly within a disused airfield, the remainder being former agricultural lands. The company has secured land for the PV plant on the basis of a limited in rem right to construct (right-to-build) over land owned by a third party. After the right-to-build has been exercised, the company has the right to hold and own the PV Plant for a period of 35 years. The PV plant site landowner removed all former airfield infrastructure except for a disused reception building, runway and taxiways and other asphalted/concreted areas (which will not be demolished) as a precondition to the company’s acquisition of the project. The footprint for the PV plant occupies approximately 164.2 hectares (ha). The project’s overhead transmission lines will be constructed on agricultural lands acquired via easement agreements. The project will be developed under an Engineering, Procurement, and Construction (EPC) contract executed through a joint venture between a European-based, international construction company experienced in large-scale solar projects and a leading Bulgarian national EPC contractor with experience in designing and building large-scale PV plants. During the operations phase, the lead contractor will also act as an Operations and Maintenance (O&M) contractor.