Green Solar Energy takes part in the construction of one of the largest solar parks in Bulgaria

Three companies have launched the construction of one of the largest solar parks in Bulgaria - Sveti Georgi - on the site of the former Silistra airport. Bulgaria`s Solarpro Holding and China`s CMC Europe were selected as engineering, procurement and construction (EPC) partners, while another Bulgarian company, Green Solar Energy, will build all connection facilities, including step-up and nodal substations and 110kV power lines required for the grid connection of the project.

The construction phase of the solar park is expected to create 200 new jobs.
The history of the project
The entire thing was started by Rezolv Energy, a subsidiary of Actis, an investor in sustainable infrastructure. That company acquired the rights to build and operate a 225 MW solar power plant. The former Silistra airport was chosen as the site with an area of ​​165 hectares hosting nearly 400,000 solar panels. The park is scheduled to be ready by mid-2025. With an average annual electricity production of more than 310 gigawatt hours (GWh), Sveti Georgi will be one of the largest solar parks in Bulgaria once it is commissioned.

It also represents the largest foreign investment in the Bulgarian renewable energy sector to date.

This month it was revealed that Rezolv Energy has secured €90 million in credit financing for the solar park. The loan is provided by the International Finance Corporation (IFC) and Raiffeisen Bank International.
Virtual energy deals
Back in September, it was revealed that Rezolv Energy had entered into a solar Virtual Power Purchase Agreement (VPPA) with European sustainable glass packaging manufacturer Ardagh Glass Packaging-Europe (AGP-Europe).

The VPPA ensures that some of the output of Rezolv Energy`s 229 MW Sveti Georgi solar project will provide renewable electricity to Ardagh`s production operations across Europe starting in April 2026. The solar virtual energy agreement is one of the first of its kind signed in Bulgaria. It aims to supply 110 GWh per year of renewable electricity to AGP-Europe over a period of 12 years.

The VPPA is a financial contract used to secure renewable energy without the physical transmission of electricity.

Translated by Tzvetozar Vincent Iolov