Image: Anton Atanasov, Unsplash
The IFC, a member of the World Bank Group, and Vienna-based Raiffeisen Bank International are financing the development of a major solar energy project in Bulgaria.
The debt package, totaling €90 million, consists of €43 million from the IFC, consisting of €30 million from its own account and up to €13 million from its Managed Co-Lending Portfolio Program. Raiffeisen Bank International will contribute the remaining amount.
Rezlov Energy is developing the 225 MW project near Silistra in northeastern Bulgaria. It includes the development, construction and operation of the solar power plant, together with two overhead transmission lines totaling 6 km.
Once operational, the project will be operated on a trading basis, selling electricity through a combination of the wholesale electricity market through the Independent Bulgarian Energy Exchange and power purchase agreements with companies.
Bulgaria has set a target of adding around 3 GW of renewable energy capacity by 2030, which will require €43.7 billion in investments, according to the IFC.
According to figures from the International Renewable Energy Agency (IRENA), Bulgaria had deployed 2,937 MW of solar energy by the end of 2023.
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