St. George solar park (225MW)

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This project entails the construction and operation of the St. George Solar Park, a 225 MW solar photovoltaic (PV) facility located near Silistra in northeastern Bulgaria. The project encompasses nearly 400,000 PV panels on a 165-hectare brownfield site, a former airport. Key works include a 110 kV substation and two independent six-kilometer overhead transmission lines connecting the plant to Bulgaria's main transmission grid. Upon completion, the facility is expected to generate over 310 GWh of renewable electricity annually. The sponsor for this project is Rezolv Energy, an independent renewable energy producer backed by Actis. Financing for the $98.08 (€90) million project is provided by the International Finance Corporation (IFC) and Raiffeisen Bank International. IFC’s contribution includes $46.86 (€43) million and $51.22 million comes from Raiffeisen Bank. Additionally, the project has secured a 12-year Virtual Power Purchase Agreement (VPPA) with Ardagh Glass Packaging-Europe to supply 110 GWh of renewable electricity annually. Financial close is achieved on October 16, 2024. https://rezolv.energy/rezolv-energy-secures-up-to-e90-million-in-debt-financing-from-the-ifc-and-raiffeisen-bank-international-for-the-st-george-solar-park-in-bulgaria/; https://www.ifc.org/en/pressroom/2024/ifc-supports-major-solar-power-project-to-drive-bulgaria-s-renewable-energy-goals https://rezolv.energy/rezolv-energy-secures-up-to-e90-million-in-debt-financing-from-the-ifc-and-raiffeisen-bank-international-for-the-st-george-solar-park-in-bulgaria/; https://www.ifc.org/en/pressroom/2024/ifc-supports-major-solar-power-project-to-drive-bulgaria-s-renewable-energy-goals