The construction of one of the largest solar power plants in Bulgaria, St. George, has been launched near the city of Silistra, in the country's northeast. Investor in the project is Rezolv Energy, a subsidiary of British multibillion-dollar fund Actis, which has significant investments in energy infrastructure worldwide. The company has chosen three contractors to build the 229 MW photovoltaic (PV) park: Chinese CMC Europe and Bulgarian companies Solarpro and Green Solar Energy. They will act together as the engineering, procurement and construction (EPC) partner for the project.
The value of the contract was not disclosed. Based on the parameters of the plant, an investment of around 250 million levs (128 million euro) can be expected.
The license for the project that was issued earlier this year by the Energy and Water Regulatory Commission (KEVR) is for 199 MW, which will be the connection capacity to the grid of the Electricity System Operator (ESO). Once operational, this plant will increase Bulgaria's solar capacity by about 7%.
The project
The St. George solar park will be constructed on the site of the former Silistra Airport, covering an area of 165 hectares. The project will comprise nearly 400,000 solar panels, which will be supplied and installed by CMC Europe and Solarpro.
Hungary-registered CMC Europe is a subsidiary of China National Machinery Import and Export Corporation (CMC), part of Genertec International. Solarpro is a multi-technology integrator experienced in hybrid projects, including photovoltaic, wind, battery energy storage systems (BESS) and hydrogen solutions. The company is part of Austria's Renalfa group, in which the co-publisher of the Capital Weekly, Ivo Prokopiev, has a stake.
The St. George park will be connected to the grid via a 110 kV substation and two independent lines with a total length of approximately 6 km. The high-voltage works will be delivered by Green Solar Energy.
The business model
The power produced will be sold to commercial and industrial users through long-term Power Purchase Agreements (PPA), Rezolv said in a press release. "The first PPA for St. George is set to be announced very soon - a major deal," the company said, adding that the contract follows five pioneering PPAs signed in recent months that are related to the new 461 MW VIFOR wind park in neighboring Romania. It is very likely that part of the energy from the park in Silistra will be sold in Romania.
St. George will be financed through loan facilities from a consortium of international lending partners and regional commercial banks.
Up to 200 people will be hired during the construction phase of the project, with as many employees as possible coming from the local area. Training and skills development programs are also planned. Longer term, St. George will continue to provide local employment throughout its 30 plus years of operation, Rezolv said.
The Prague-based company currently has over 2 GW of clean energy capacity being prepared for construction in Southeast Europe. In addition to St. George, projects include Dama Solar in western Romania which, at 1,044 MW, will be the largest solar plant anywhere in Europe once it is built. Rezolv also has more than 1GW of wind power under construction or in late-stage development in Romania.
The construction of one of the largest solar power plants in Bulgaria, St. George, has been launched near the city of Silistra, in the country's northeast. Investor in the project is Rezolv Energy, a subsidiary of British multibillion-dollar fund Actis, which has significant investments in energy infrastructure worldwide. The company has chosen three contractors to build the 229 MW photovoltaic (PV) park: Chinese CMC Europe and Bulgarian companies Solarpro and Green Solar Energy. They will act together as the engineering, procurement and construction (EPC) partner for the project.
The value of the contract was not disclosed. Based on the parameters of the plant, an investment of around 250 million levs (128 million euro) can be expected.
