In a significant development for Bulgaria’s renewable energy landscape, independent power producer Rezolv Energy has launched the St. George solar power plant, located near Silistra. This facility, with an installed capacity of 225 MW, is now one of the largest photovoltaic projects in the country, transforming a previously underutilized brownfield site into a key renewable energy hub.
The St. George plant represents an investment of approximately 255 million euros and is projected to generate around 313 GWh of electricity annually. A notable aspect of this project is its long-term agreement with Ardagh Glass Packaging Europe, which has secured nearly one-third of the plant’s total generation through a 12-year virtual power purchase agreement.
A critical feature of the project is its integrated battery storage system, boasting a capacity of 90 MW / 240 MWh. This component is designed to enhance grid flexibility and stability, receiving support from the EU’s NextGenerationEU program. Such advancements in energy storage are essential for managing supply and demand fluctuations in the power grid.
The financing structure for the St. George plant includes 90 million euros in debt funding, facilitated by the International Finance Corporation (IFC) and Raiffeisen Bank International. These funds were crucial for both construction and ensuring seamless integration into Bulgaria’s national grid.
Alastair Hammond, CEO of Rezolv Energy, emphasized that the commissioning of this facility marks a pivotal transition for the company from project development to sustained renewable energy operations. The rapid execution of this project, reaching full commercial operation in less than three years post-development rights acquisition, underscores the efficiency and commitment to advancing renewable energy initiatives.
The construction phase saw collaboration with local entities such as Solarpro and CMC Europe, while high-voltage infrastructure and grid connectivity were managed by Green Solar Energy. This cooperative effort was vital for integrating the St. George plant into Bulgaria’s electricity transmission system, further solidifying the country’s renewable energy capabilities.
