Rezolv Energy has been awarded a licence for a 229MW solar project from Bulgaria’s Energy and Water Regulatory Commission.
Actis-backed Rezolv Energy is developing the St George solar project in Silistra which represents one of the largest foreign investments in the Bulgarian renewable energy sector to date.
Following a thorough assessment, the government agency concluded that St George is “financially viable and the owner has the necessary financing capabilities to complete it”.
Construction will begin in the coming months, with the project due to be fully operational by the second quarter of 2025.
Once constructed, it will be one of the largest solar plants in Bulgaria.
St George will be built on the site of the former Silistra airport, a decommissioned airfield covering 165 hectares.
The project will comprise nearly 400,000 solar panels.
St George’s output will be sold to commercial and industrial users through long-term power purchase agreements (PPAs).
Alastair Hammond, Chief Executive Officer of Rezolv Energy, said: “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.
“Very large-scale projects like St George will take the transition to the next level.”
Rezolv, which launched 18 months ago, already has well over 2GW of clean energy being prepared for construction.
As well as St George, this includes Dama Solar in western Romania.
Rezolv also has more than 1GW of wind power under construction in Romania.