We have written an article which answers this question in detail (available here). 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 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 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. Read more
Construction work will start in the coming months. The project is due to be fully operational by end of 2025.
St. George will be financed through loan facilities from a consortium of international lending partners, regional commercial lenders and local banks.
As well as the St. George project, we already have more than 2GW of clean energy in construction or 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 – wind, solar or battery storage – if they were of sufficient scale and the conditions were right.