BAKU, Azerbaijan, October 16. In a significant boost to Bulgaria’s sustainable energy transition, the International Finance Corporation (IFC) is financing a major 225-megawatt (MW) direct current solar photovoltaic (PV) project developed by Rezolv Energy, a prominent independent renewable energy producer in Central and Eastern Europe, TurkicWorld reports via IFC.
Set to become one of Bulgaria’s largest solar PV installations, the project will aid the country’s drive towards net-zero greenhouse gas (GHG) emissions by 2050.
Located near Silistra in northeast Bulgaria, the project includes the development, construction, and operation of the solar plant, along with the installation of two overhead transmission lines spanning six kilometers. IFC’s investment totals €43 million, with €30 million from its own account and an additional €13 million from its Managed Co-Lending Portfolio Program. Raiffeisen Bank International is contributing to the overall debt package, which amounts to €90 million in total financing.
Once operational, the solar PV plant is expected to generate approximately 313 gigawatt-hours of clean electricity annually. The project will operate on a merchant basis, participating in the Independent Bulgarian Energy Exchange and leveraging power purchase agreements with various businesses to sell its electricity output.
Rezolv Energy's project not only represents a key advancement for Bulgaria's renewable energy goals but also highlights IFC's ongoing commitment to promoting sustainable, diversified energy sources across Central and Eastern Europe.
