Bulgaria’s photovoltaic group Solarpro and GreenYellow, French solar project developer, have announced the start of a large-scale strategic co-investing partnership in on-site self-consumption solar power plants in Eastern Europe.
The first joint project of Solarpro and GreenYellow will be a 4 MW photovoltaic power plant for the Bulgarian subsidiary of Belgium-based chemical company Solvаy. Estimated annual production is 5.3 GWh.
The two companies plan to install at least 100 MW of solar facilities in Eastern Europe
The PV power plant will be built on an industrial land plot belonging to Provadsol, Solvаy-Sodi’s subsidiary in Bulgaria. It would operate on the basis of a solar-as-a-service (SaaS) agreement. Solarpro said it would develop, build and operate the unit for GreenYellow as the lead investor.
The two companies revealed a plan to install at least 100 MW of solar facilities in Eastern Europe by 2025. Solarpro was recently selected by the Government of North Macedonia to install a 50 MW solar power plant.
There is growing interest for solar-as-a-service deals, and PPAs
“The self-consumption PV plants for self-consumption and SaaS are the most attractive part of the energy transition. We have already successfully completed similar projects with other commercial and industrial groups in the region. Partnering with GreenYellow will scale up all necessary resources – human capital, technical experience and funding to accomplish, in near future, at least 100 MWp in Eastern Europe”, said Konstantin Nenov, CEO of Solarpro.
He added the the price hikes on the energy markets have catalyzed the interest for SaaS, but also for power purchase agreements (PPAs).
“With this strategic partnership with Solarpro, GreenYellow continues its international expansion, in line with its strong growth ambitions. Thanks to this partnership, we aim to develop 100 MWp of installed capacity by 2025,” said Otmane Hajji, CEO of GreenYellow.