Rezolv Energy to Develop Bulgaria’s Largest Solar Plant Next to the Romanian Border
Rezolv Energy, an independent renewable energy producer focused on Central and Southeastern Europe which already owns more than 2GW of clean energy being prepared for construction in Romania, including what will be Europe’s largest solar project, has acquired the rights to build and operate a 229 MW solar plant in Silistra Municipality in north-eastern Bulgaria, less than 10 km from the Romanian border in Calarasi County. Named ‘St. George’, construction is due to start before the end of this year; the plant is expected to be completed in early 2025. Once constructed, it will be the largest solar plant in Bulgaria.
Rezolv has acquired the project from Bulgarian company YGY Industries JSC, owned by Yavor Georgiev.
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. With an average annual power generation of 313 Gigawatt hours (GWh), it will produce the equivalent of 13% of Bulgaria’s currently installed solar power.
The plant will be connected to the main 110 kV transmission grid via two independent connection lines totalling about 6 kilometres in length. The power will be sold to commercial and industrial users through long-term Power Purchase Agreements (PPAs).
The project will create a large number of new jobs in the construction phase. Approximately 500 Full Time Equivalent (FTE) employees will be hired, both for light assembly – which is work suitable for men and women, on both a full-time and part-time basis – and highly-skilled engineering roles. Longer term, the power plant will provide local employment for skilled and semi-skilled labour throughout the 30 plus years of operation.
St. George will be designed, constructed, and operated to the highest environmental, social and governance (ESG) standards.
Rezolv Energy was launched last year by Actis, a leading global investor in sustainable infrastructure. Rezolv already has more than 2GW of clean energy being prepared for construction in Romania, including the 1,044 MW Dama Solar project, which will become the largest solar plant in Europe once it is operational.
“Solar will make up almost 13% of Bulgaria’s total installed capacity this year, and estimates suggest that close to 6GW of solar power will be generated by 2030. We are very proud that St. George will be such a major part of that growth story. It will help Bulgaria meet its renewable energy targets. Located less than 10 km from the Romanian border, the project will also serve the Romanian market, contributing to the energy independence of the two countries. Crucially, for the business sector, it will also enable us to provide highly competitive, subsidy-free clean power at a stable price for industrial and commercial users right across the country,” Alastair Hammond, Chief Operating Officer, Rezolv Energy, said.
“Rezolv continues to go from strength to strength and we are delighted to be funding its investment in such an important project. Actis’ ambition is to make a substantial contribution to the Energy Transition in this region through major, large-scale projects which are constructed and operated to the highest sustainability standards. St. George and the parks in Romania are exactly the kind of project we had in mind when we took the decision to back Rezolv,” Jaroslava Korpanec, Partner and Head of Central & Eastern Europe at Actis, commented.
About Rezolv Energy
Rezolv is a highly experienced, independent renewable energy producer. It provides subsidy-free clean energy at a long-term, stable price for industrial and commercial users, and other off-takers, operating across Central and Southeastern Europe.
Built on a heritage of 15 years in clean energy, Rezolv takes renewable projects – wind, solar and storage – from late-stage development through construction and into long-term operation.
With long-term investment backing from Actis, one of the world’s foremost energy investors, Rezolv is building a multi-GW portfolio that will help companies and countries meet their energy needs today and in the future.
About Actis
Actis is a leading global investor in sustainable infrastructure. Actis has raised $US24 billion since inception and has more than US$15 billion of assets under management. A team of over 120 investment professionals operates from 19 offices across five continents. Actis’ global experience, operational know-how and strong culture allows it to build and operate global sustainability leaders of scale, while delivering competitive returns for institutional investors and measurable positive impact for the countries, cities, and communities in which it operates.
Actis’ Energy Infrastructure team invest on a global scale in buy and build power generation and distribution businesses, supporting the Energy Transition and accelerating the journey to Net Zero. Actis has invested in over 70 renewable energy projects to date, with approximately 12GW of renewable energy capacity globally and is targeting another 12.5GW. Actis is investing its latest Energy 5 Fund, which represents US$6 billion of investable capital.
Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. The firm has consistently been awarded the highest rating score in the UN Principles for Responsible Investment (PRI) independent assessment.
