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Austria-based Enery intends to commission a four-hour battery storage system of 150 MW in central Bulgaria by the end of the first quarter of next year. The project relies on a virtual power purchase agreement (PPA) with Vitol.
Enery said it has secured a green financing package from DSK Bank AD for its flagship 600 MWh battery energy storage system (BESS) in Nova Zagora, Bulgaria. It is one of the country’s most advanced storage financing deals to date, supporting its transition toward a more flexible and renewables-powered energy system, the update reads.
The facility would have 150 MW in capability, meaning it can operate at full power for four hours. It would be the biggest BESS in Bulgaria at this moment, according to available data, though there are larger projects underway as well.
The site is in a coal region centered on the Stara Zagora lignite basin, in the central part of the country.
Virtual PPAs, optimization services are key for bankability
Enery scheduled the commissioning for March. The BESS would feature its own substation, linked to a new 33/110 kV substation on the transmission grid.
The Austria-based independent power producer revealed that it has signed an innovative virtual power purchase agreement (PPA) with Vitol.
“Sophisticated instruments such as virtual financial deals, combined with Enery Portfolio Optimization’s best-in-class physical optimization services, are now key to unlocking bankable storage projects. This transaction demonstrates how innovative commercial structures, when paired with disciplined execution, can create long-term value for both lenders and project sponsors,” Chief Commercial Officer Severin Vartigov stated.
Vitol plans many more deals with Enery
Vitol expressed confidence that there would be many more deals with Enery. The global energy and commodity trader, headquartered in Geneva, has experience in developing, owning and optimizing BESS in Australia, Europe and the United States, the update adds.
Enery operates a diversified portfolio of 566 MW, generating 766 GWh of clean electricity per year. Its development pipeline is nearing 10
GW across 10 countries in Central and Eastern Europe.
The firm also manages more than 700 MWh of battery capacity across its own and third-party systems. In Bulgaria, it is present through its Enery Element joint venture as well.
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