Resolv Energy, an independent producer of renewable energy focused on Central and South-Eastern Europe, has acquired the rights to build and operate a 229 MW solar power plant in the town of Silistra in northeastern Bulgaria, less than 10 km from the border with Romania.
According to a company statement, construction is set to begin at the end of this year and the plant is expected to be completed in early 2025. Once built, it will be the largest solar plant in Bulgaria.
Resolv acquired the project from the Bulgarian company YGY Industries JSC, owned by Yavor Georgiev.
The “Sf. Gheorghe” project will be built on the site of the former Silistra airport, a disused airfield that covers 165 hectares. The project will include almost 400,000 solar panels. With an average annual energy production of 313 gigawatt hours (GWh), the project will produce the equivalent of 13% of the solar energy currently installed in Bulgaria.
The plant will be connected to the main 110 kV transmission network by means of two independent connection lines with a total length of approximately 6 kilometers. Power will be sold to commercial and industrial users through long-term power purchase agreements (PPAs).
“The project will create a large number of new jobs during the construction phase. Around 500 people will be employed in both light assembly – an activity that can be performed by both men and women, both full-time and part-time, as well as in engineering positions, which are highly skilled jobs. In the longer term, the power plant will provide local jobs for skilled and semi-skilled labor during the more than 30 years of operation,” the press release states.
The “Sf. Gheorghe” project will be designed, built and operated in accordance with the highest environmental, social and governance (ESG) standards.
Resolv Energy was launched last year by Actis, a leading global investor in sustainable infrastructure. Resolv already has more than 2 GW of clean energy projects in preparation in Romania, including the 1,044 MW Dama Solar project, which will become the largest solar power plant in Europe once it is operational.
“This year, solar energy will represent almost 13% of the total installed capacity in Bulgaria, and estimates suggest that by 2030, almost 6 GW of solar energy will be generated. We are very proud that the St. George project will be an important part of this growth. This will help Bulgaria achieve its renewable energy goals. Located less than 10 km from the border with Romania, the project will also serve the Romanian market, contributing to the energy independence of the two countries. Crucially , for the business sector, will also allow us to deliver highly competitive, subsidy-free clean energy at a stable price to industrial and commercial users across the country,” said Alastair Hammond, Resolv Energy’s Chief Operating Officer.