We have written an article which answers this question in detail (available here) but we are investing in Bulgaria because the development of renewable energy will have a tangibly positive impact on human health. Also, because the energy transition is at the heart of Bulgaria’s long-term economic competitiveness.
Like all of Rezolv’s projects, St. George is very large. Solar projects of this size require a few different things – not least available land, good solar irradiation and capacity for grid access close to the site. St. George had all of these things.
We were also drawn to the idea of converting a decommissioned airfield, which has not been put to any positive use for many years, into a renewable energy plant that can help Bulgaria meet its renewable energy targets and contribute to its energy independence.
No. St. George will produce subsidy-free clean power – at a highly competitive, stable price.
Rezolv acquired the project from Bulgarian company YGY Industries JSC, owned by Mr. Yavor Georgiev.
PPAs have not yet been signed but Rezolv is in advanced discussions with a number of companies. We expect to be in a position to announce the first deals soon. There is certainly a lot of interest. At a time of wildly fluctuating energy prices, the option of signing long-term electricity contracts for a stable, competitive price has become a very attractive proposition for companies of all sizes, but particularly for large, energy-intensive firms.
Construction work will start in the coming months. The project is due to be fully operational by Q2 2025.
We are currently in the advanced stages of structuring the construction financing, which will be provided by a combination of our own resources and of the project finance debt provided by the regionally active lenders.
As well as the St. George project, we already have more than 2GW of clean energy being prepared for construction in Romania. Our plan is to take our constructed, or in construction, pipeline to between 3.5 and 4GW over a three-to-five year period. We would certainly be open to other Bulgarian projects – either wind or solar – if they were of sufficient scale and the conditions were right.