SILISTRA: In a significant move to support Bulgaria’s shift towards sustainable energy, the International Finance Corporation (IFC) is financing a new 225-megawatt (MW) solar photovoltaic (PV) project developed by Rezolv Energy in northeastern Bulgaria.

According to Trend News Agency, the project, located near Silistra, involves the development, construction, and operation of one of Bulgaria’s largest solar PV installations. This initiative is part of the country’s effort to achieve net-zero greenhouse gas (GHG) emissions by 2050. The IFC’s investment in the project totals £43 million, which includes £30 million from its own account and an additional £13 million from its Managed Co-Lending Portfolio Program. Furthermore, Raiffeisen Bank International is also contributing to the project’s debt financing, which amounts to a total of £90 million.

The solar plant is expected to produce about 313 gigawatt-hours of clean electricity each year once operational. It will operate on a merchant basis, meaning it will
participate in the Independent Bulgarian Energy Exchange and use power purchase agreements with various businesses to sell its electricity output.

This project underscores IFC’s commitment to fostering sustainable energy solutions in Central and Eastern Europe and marks a significant step forward in Bulgaria’s renewable energy ambitions.