Renewables

Rezolv Energy acquires rights to develop Bulgaria’s largest solar plant

Rezolv Energy acquires rights to develop Bulgaria largest solar plant

Photo: Manny Becerra on Unsplash

Published

July 25, 2023

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Published:

July 25, 2023

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Prague-based Rezolv Energy bought a 229 MW solar power project in Bulgaria, set to become the biggest in the country. The facility is scheduled to come online in 2025.

Renewable energy developer Rezolv Energy, focused on Central and Southeastern Europe, has acquired the rights to build and operate a 229 MW solar plant in Silistra municipality in northeastern Bulgaria. The construction of the St. George system is due to start before the end of the year, said the firm headquartered in the Czech Republic’s capital Prague.

The photovoltaic plant is expected to be completed in early 2025, it added. At the moment, it would be the largest in Bulgaria. However, German company Profine Energy intends to install a floating solar power plant with a capacity of 500 MW to 1.5 GW.

Rezolv acquired the project from domestic company YGY Industries, owned by Yavor Georgiev. St. George will be built on the site of the decommissioned Silistra airport, on 165 hectares.

Proposed solar power plant to supply users through long-term PPAs

The project envisages installing nearly 400,000 solar panels, according to the announcement. The average annual output is estimated at 313 GWh.

The plant will be connected to the main 110 kV transmission grid via two lines totaling six kilometres, Rezolv said. It revealed that it intends to sell power to commercial and industrial users through long-term power purchase agreements.

Approximately 500 full-time equivalent employees will be hired, both for light assembly – which is work suitable for men and women, on both a full-time and part-time basis – and highly-skilled engineering roles, the company added.

Rezolv has 2 GW in pipeline in Romania

Rezolv Energy was launched last year by Actis, a global investor in sustainable infrastructure which provided EUR 500 million. Rezolv already has more than 2 GW of clean energy being prepared for construction in Romania, including the 1.04 GW Dama Solar project.

So far the largest official project in Europe, 1.2 GW, is being developed in Portugal by Iberdrola, which already operates the biggest photovoltaic system in Europe proper. A news report from February indicated that that Romania’s Hidroelectrica is set to receive the concession for a facility of up to 1.5 GW on state-owned land.

A larger floating solar power project is also underway in Bulgaria

In comparison, the recently commissioned Kalyon Karapınar solar power plant in Turkey has 1.35 GW in peak capacity or 1 GW in connection terms.

Solar will make up almost 13% of Bulgaria’s total installed capacity this year, and estimates suggest that close to 6GW of solar power will be generated by 2030, Rezolv’s Chief Operating Officer Alastair Hammond said. The company pointed out that it takes wind, solar power and energy storage projects in late stage of development.

Actis said it has raised USD 24 billion since inception and that it manages assets worth a total of USD 15 billion. It has invested in over 70 renewable energy projects to date, with approximately 12 GW of renewable energy capacity, and is targeting another 12.5 GW.

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