IFC backs Bulgaria’s major renewable PV energy project
The International Finance Corporation (IFC) said on Wednesday that it is financing a 225-megawatt (MW) direct current solar photovoltaic (PV) project, developed by Rezolv Energy, to support Bulgaria’s transition to a more sustainable and diversified energy mix.
Located in northeast Bulgaria, the project “will be one of the largest renewable PV energy projects in Bulgaria to date, significantly aiding the country in achieving its ambitious net-zero greenhouse gas (GHG) emissions target by 2050.” It includes the development, construction, and operation of the solar PV plant, along with two overhead transmission lines totaling 6 kilometres
Once operational, the plant is expected to generate approximately 313 gigawatt-hours of electricity annually.
As the most emissions-intensive country in Europe, Bulgaria plans to phase out coal power plants by 2038 and add around 3,000 MW of renewable energy capacity by 2030. This investment highlights IFC’s commitment to promoting a more sustainable energy sector in Bulgaria.
The project will be financed via a combination of equity and debt. The IFC explained that it would invest €43 million—up to €30 million from its own account and up to €13 million from IFC’s Managed Co-Lending Portfolio Programme. This is as part of a debt package totaling up to €90 million, with Raiffeisen Bank International contributing the remaining amount.
Attribution: IFC
Subediting: Y.Yasser
