Rezolv Energy announced that the Energy and Water Regulatory Commission approved the business plan for the company’s 229 MW solar photovoltaic park project in Bulgaria.
The solar park is “financially viable and the owner has the necessary financing capabilities to complete it,” energy regulator found after a thorough assessment, Rezolv Energy said in a press release.
Construction of the facility, located in the Silistra municipality, will start in the upcoming months and it is scheduled to be fully operational by the second quarter of 2025. St George will be built on 165 hectares on the site of a decommissioned airfield and will be equipped with some 400,000 panels. It is expected to produce an average of 313 GWh of electricity per year, which will be undertaken by commercial and industrial entities through long-term power purchase agreements (PPAs).
In July 2023, Rezolv Energy acquired the rights to build the plant that is expected to be Bulgaria’s largest solar park.
“These are exciting times in Bulgaria. The ‘pause’ button was pushed on new renewables capacity for a decade leading up to 2022, but the energy transition is now well underway. Solar capacity increased by more than 80% last year, and corporate demand for clean power is developing just as quickly,” Rezolv Energy CEO Alastair Hammond said. He added that very large-scale projects like St. George will advance the next stage of Bulgaria’s transition to the next level.
