UK developer buys Bulgaria’s largest PV project

Rezolv Energy, a UK developer, has bought Bulgaria’s largest PV project. The company plans to start building the 227 MW PV facility by the end of this year. It will sell power to unspecified clients under power purchase agreements.

July 27, 2023 Emiliano Bellini

Image: Rezolv Energy

UK-based Rezolv Energy has acquired a 227 MW solar project in Bulgaria from YGY Industries JSC for an undisclosed sum. Construction of the facility in Silistra, northeastern Bulgaria, will start by the end of this year. Completion is scheduled in early 2025.

“Once constructed, it will be the largest solar plant in Bulgaria,” the renewable energy developer said in a statement. “The plant will be connected to the main 110 kV transmission grid via two independent connection lines totaling about 6 kilometers in length. The power will be sold to commercial and industrial users through long-term power purchase agreements.”

Rezolv Energy is currently also building Romania's largest PV array – a 1,044 MW solar project that was acquired from Romanian developer Monsson in November 2022. Rezolv Energy was launched in August, backed by €500 million ($487.8 million) from sustainable infrastructure investor Actis. It has said it aims to “provide subsidy-free clean energy at a long-term, stable price for commercial and industrial users, and other off-takers” in central and southeastern Europe.

In October 2022, Bulgaria‘s electricity system operator revealed that it had accepted applications to build new renewable energy projects with an aggregate installed capacity of more than 24 GW – double the country's installed generating capacity.

According to SolarPower Europe (SPE), Bulgaria reached 1.5 GW of cumulative installed PV capacity at the end of 2022. SPE says the country could hit 3.8 GW by 2024, exceeding its 2030 target. Momentum will be mainly supported by unsubsidized large-scale solar projects built under power purchase agreements.

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