Prague-based Rezolv Energy said on Thursday that the Bulgarian energy regulator has granted a licence and approved the business plan for the company’s 229 MW solar photovoltaic (PV) park project in the northeast of the country.

The solar park is “financially viable and the owner has the necessary financing capabilities to complete it,” the Energy and Water Regulatory Commission found after a thorough assessment, as quoted by Rezolv Energy in a press release, according to SeeNews.

Construction of the facility, located in the Silistra municipality, will start in the upcoming months and it is scheduled to be fully operational by the second quarter of 2025. St George will be built on 165 hectares on the site of a decommissioned airfield and will be equipped with some 400,000 panels. It is expected to produce on average 313 gigawatt hours (GWh) of electricity per year, which will be offtaken by commercial and industrial entities through long-term power purchase agreements (PPAs).

Rezolv Energy acquired the rights to develop what will be Bulgaria’s largest solar park in July 2023.

“These are exciting times in Bulgaria. The ‘pause’ button was pushed on new renewables capacity for a decade leading up to 2022, but the energy transition is now well underway. Solar capacity increased by more than 80% last year, and corporate demand for clean power is developing just as quickly,” Rezolv Energy CEO Alastair Hammond said. He added that very large-scale projects like St. George will advance the next stage of Bulgaria’s transition to the next level.

Established 18 months ago by UK infrastructure investor Actis, Rezolv Energy has 2 GW of ready-to-build clean energy projects, including the 1,044 MW Dama Solar park in Romania. Rezolv also has over 1 GW of wind projects under construction in Romania.