A significant milestone for Bulgaria’s energy transition is underway as Rezolv Energy has officially started the construction of the St. George solar park. Located near Silistra in the country’s northeast, the 225 MW project is set to become one of the largest photovoltaic installations in the region, repurposing a 165-hectare decommissioned airfield into a powerhouse for clean electricity.
Repurposing Land for a Sustainable Future
The project is transforming the brownfield site of the former Silistra airport into a hub for renewable energy generation. Once complete, the facility will feature nearly 400,000 bifacial modules, a technology designed to capture sunlight from both sides to maximize output. This advanced array of crystalline silicon photovoltaic panels is projected to generate approximately 313 GWh of electricity annually. The construction phase is also expected to create around 200 new jobs, boosting the local economy.
Innovative Financing and Commercial Strategy
Rezolv Energy, a subsidiary of the sustainable infrastructure investor Actis, has secured substantial financial backing for the project. A debt financing package of up to €90 million has been provided by the International Finance Corporation (IFC) and Raiffeisen Bank International. The clean energy generated by the photovoltaic plant will be sold to commercial and industrial clients via long-term Power Purchase Agreements (PPAs). In a landmark deal for the Bulgarian market, Rezolv has already signed a 12-year virtual PPA with Ardagh Glass Packaging-Europe to supply 110 GWh per year starting in April 2026.
Expert Collaboration and Grid Connection
An international consortium is leading the project’s execution. The engineering, procurement, and construction (EPC) contract is managed by Bulgaria’s Solarpro Holding and China-based CMC Europe, while another local firm, Green Solar Energy, will oversee the high-voltage work. The St. George solar park is scheduled to be connected to the national grid by mid-2025, significantly enhancing the energy network’s stability in northeastern Bulgaria.
Sources
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