Rezolv Energy has commissioned the 225MW St George solar park in Silistra, Bulgaria.
The company said the project is one of Bulgaria’s largest solar parks and was delivered in under three years from acquisition of the development rights.
Rezolv added that the $300 million project was built on the former Silistra airport site and includes nearly 400,000 solar panels capable of generating around 313GWh of electricity annually.
The project also includes a 90MW/240MWh battery energy storage system supported by funding from the European Union’s NextGenerationEU programme.
Rezolv said the construction phase was supported by a long-term virtual power purchase agreement with Ardagh Glass Packaging-Europe for the supply of 110GWh of renewable electricity annually over 12 years.
Debt financing for the project included €90 million from the International Finance Corporation and Raiffeisen Bank International.
“St. George began as a vision to transform a disused brownfield site into a flagship renewable energy project that could make a meaningful contribution to Bulgaria’s energy security and climate goals,” said Alastair Hammond, chief executive of Rezolv Energy.
“Importantly, it also marks Rezolv Energy’s transition from builders to operators and long-term custodians of critical clean energy infrastructure.”
“Delivering a project of this scale in less than three years is an outstanding achievement,” said Jaroslava Korpanec, head of central and eastern Europe, infrastructure at Actis.
“St. George sets a benchmark for how large-scale renewable energy projects can be brought onstream efficiently in Central and Eastern Europe.”