Rezolv Energy, an independent power producer backed by Actis, has secured up to €90 million ($98 million) in debt financing from the International Finance Corp. (IFC) and Raiffeisen Bank International to support the construction of the 225-megawatt St. George solar park in northeastern Bulgaria.
St. George solar park will be built on a brownfield site — the former Silistra airport — a decommissioned airfield covering 165 hectares (408 acres). Construction work is due to start soon. The project will consist of nearly 400,000 photovoltaic panels and will be connected to the main transmission grid via a 110-kilovolt substation and two independent connection lines, totaling approximately 6 kilometers (3.7 miles).
With an average annual power generation of more than 310 gigawatt-hours, St. George will be one of the largest solar projects in Bulgaria after it becomes operational in 2025. In a country that has historically relied on fossil fuels for most of its energy n