Rezolv Energy secured EUR 90 million in debt financing from IFC and Raiffeisen Bank International for the solar park "St. George"

Rezolv Energy, an independent power producer backed by the investment fund Actis, has secured EUR 90 million in debt financing from the International Finance Corporation (IFC) and Raiffeisen Bank International (RBI) to build the solar park "St. Georgi" in Northeast Bulgaria.

Construction work will begin very soon, and the plant will be operational next year.

The news comes shortly after the signing, in early September, of a 12-year Virtual Power Purchase Agreement (VPPA) with Ardagh Glass Packaging-Europe (AGP-Europe), a manufacturing division of Ardagh Group. The agreement is one of the first signed in Bulgaria and is for the supply of 110 GWh/year of renewable electricity from "St. Georgi" in order to decarbonize the activities of AGP-Europe.

Also in September, Rezolv confirmed the selection of three companies that will build "St. Georgi': the Bulgarian Solarpro and CMC Europe, which together will design, supply the elements and build the plant. The high voltage activities will be carried out by Green Solar Energy, which is also a Bulgarian company.

About the solar park "St. George"

"St. Georgi" is a 225-megawatt solar park that will be built on industrial land - the former airport of Silistra. This is a decommissioned airport in North-Eastern Bulgaria, which stretches over 165 hectares. The project includes almost 400,000 photovoltaic panels. They will be connected to the main 110-kilovolt transmission grid through two independent overhead lines with a total length of about 6 km.

With its average annual production of 310 gigawatt hours, St. Georgi" will be one of the major projects in Bulgaria, after commissioning next year.