UK Developer Acquires Largest Photovoltaic Project iIn Bulgaria

British developer Rezolv Energy has acquired Bulgaria's largest photovoltaic project. The company plans to begin construction of the 227MW PV facility by the end of this year and will sell power to unspecified customers under the Power Purchase Agreement.

Uk-based Rezolv Energy has acquired a 227 MW solar project in Bulgaria from YGY Industries for an undisclosed amount. Construction of the project, located in Siristra in northeastern Bulgaria, will begin at the end of this year and is scheduled to be completed in early 2025.

"Once completed, it will be the largest solar power plant in Bulgaria," the renewable energy developer said in a statement, "the plant will be connected to the 110 kV main grid via two separate connection lines with a total length of about 6 kilometers." This electricity will be sold to commercial and industrial users through long-term Power purchase Agreements." Rezolv Energy is also currently building Romania's largest photovoltaic array - a 1,044 MW solar project, which Rezolv Energy bought from Romanian developer Monsson in November 2022. Rezolv Energy was founded in August 2022 with €500 million ($487.8 million) in funding from sustainable infrastructure investor Actis. The company says its goal is to "provide unsubsidized clean energy to commercial and industrial users and other offtakers in Central and South-eastern Europe at long-term stable prices."

In October 2022, Bulgaria's electricity system operator revealed that it had accepted applications for the construction of new renewable energy projects with a total installed capacity of more than 24 GW, double the country's existing power generation capacity.

According to European solar energy company SPE, Bulgaria's cumulative installed PV capacity reached 1.5 GW by the end of 2022. SPE said the country's installed PV capacity could reach 3.8GW by 2024, exceeding its 2030 target, with the increase coming mainly from subsidy-free large-scale solar projects built under the Power Purchase Agreement.