Alina Oprea • 12 January, 2024 at 1:13 PM
Rezolv Energy has secured a license for its 229 MW St. George solar project to be built at the former Silistra airport in Silistra municipality, northeastern Bulgaria. The company announced that Bulgaria's Energy and Water Regulatory Commission has granted the license after concluding that the project was “financially viable and the owner has the necessary financing capabilities to complete it.”
Construction will start in the coming months, with the site expected to be fully up and running by the second quarter of 2025, according to Renewables Now.
The developer plans to sell the generation of what will be one of the largest solar plants in Bulgaria to commercial and industrial users via long-term power purchase agreements (PPAs).
Rezolv, which operates across Central and South Eastern Europe, acquired the project in 2023.
According to the company, the energy transition is in progress in Bulgaria. Solar capacity increased by more than 80% last year, and corporate demand for clean power is developing just as quickly,” said chief executive Alastair Hammond.
The St. George project is described as the largest foreign investment in Bulgaria's renewables sector so far.