Construction is due to start at the end of this year; the plant is expected to be completed in early 2025. Once built, it will be the largest solar plant in Bulgaria.
Rezolv acquired the project from the Bulgarian company YGY Industries JSC, owned by Yavor Georgiev.
The project "St. Gheorghe" will be built on the site of the former Silistra airport, a disused airfield that covers 165 hectares. The project will include almost 400,000 solar panels. With an average annual energy production of 313 gigawatt hours (GWh), the project will produce the equivalent of 13% of the solar energy currently installed in Bulgaria.
The plant will be connected to the main 110 kV transmission network by means of two independent connection lines with a total length of approximately 6 kilometers. Power will be sold to commercial and industrial users through long-term power purchase agreements (PPAs).
The project will create a large number of new jobs during the construction phase. Around 500 people will be employed in both light assemblies – which can be performed by both men and women, both full-time and part-time – and in engineering positions, which are highly skilled jobs. In the longer term, the power station will provide local jobs for skilled and semi-skilled labor throughout its 30+ years of operation.
The project "St. Gheorghe" will be designed, built, and operated in accordance with the highest environmental, social, and governance (ESG) standards.
"This year, solar energy will represent almost 13% of the total installed capacity in Bulgaria, and estimates suggest that by 2030, almost 6 GW of solar energy will be generated. We are very proud that the St. George project will be an important part of this growth. This will help Bulgaria achieve its renewable energy goals. Located less than 10 km from the border with Romania, the project will also serve the Romanian market, contributing to the energy independence of the two countries. Crucially, for the business sector, will also enable us to deliver highly competitive, subsidy-free clean energy at a stable price to industrial and commercial users across the country," says Alastair Hammond, Rezolv Energy's Chief Operating Officer.
Rezolv Energy was launched last year by Actis, a leading global investor in sustainable infrastructure. Rezolv already has more than 2 GW of clean energy projects in the pipeline in Romania, including the 1,044 MW Dama Solar project, which will become the largest solar plant in Europe once operational.
"Rezolv continues to go from strength to strength and we are delighted to fund its investment in such an important project. Actis' ambition is to make a substantial contribution to the energy transition in this region through major, large-scale projects that are built and operated to the highest standards of sustainability. St. George and the parks in Romania are exactly the kinds of projects we had in mind when we made the decision to support Rezolv," says Jaroslava Korpanec, Partner and Head of the Central and Eastern Europe department of Actis.
Actis is a leading global investor in sustainable infrastructure. Since its inception, Actis has attracted $24 billion in investment and has over $15 billion in assets under management. A team of over 120 investment professionals operates in 19 offices on 5 continents. Actis has invested in more than 70 renewable energy projects to date, with approximately 12GW of renewable energy capacity globally and targeting a further 12.5GW. Most recently, Actis invests from the Energy 5 Fund, which represents $6 billion of investable capital.
