Three companies have launched the construction of Sveti Georgi, one of Bulgaria’s largest solar parks, at the site of the former Silistra airport. The project, a collaboration between Bulgaria’s Solarpro Holding, China’s CMC Europe, and Bulgarian company Green Solar Energy, is set to become a major addition to the country’s renewable energy capacity.
Rezolv Energy, a subsidiary of sustainable infrastructure investor Actis, initiated the project. The company acquired the rights to develop and operate the 225 MW solar power plant on a 165-hectare site, which will host nearly 400,000 solar panels. The park is expected to be completed by mid-2025, with an annual electricity production capacity of over 310 GWh, making it one of the largest solar parks in Bulgaria.
The project marks Rezolv Energy’s largest investment in the Bulgarian renewable energy sector and the country’s biggest foreign investment in the sector to date. This month, Rezolv secured €90 million in financing for the project through a loan agreement with the International Finance Corporation (IFC) and Raiffeisen Bank International.
In addition, Rezolv Energy has entered into a Virtual Power Purchase Agreement (VPPA) with Ardagh Glass Packaging-Europe (AGP-Europe), a leading European sustainable glass manufacturer. The agreement, one of the first of its kind in Bulgaria, will see the solar park supply AGP-Europe with 110 GWh of renewable electricity per year over the next 12 years, starting in April 2026. The VPPA allows AGP-Europe to secure renewable energy without the physical transmission of electricity, supporting the company’s sustainability goals across its European production sites.
Green Solar Energy is responsible for building the connection infrastructure, including the step-up and nodal substations and 110kV power lines required to integrate the solar power plant into Bulgaria’s electricity grid.
Once operational, Sveti Georgi will play a key role in expanding Bulgaria’s renewable energy capacity and furthering its transition to clean energy, while providing significant environmental and economic benefits.
