Source link : https://love-europe.com/2024/10/16/bulgaria/ifc-backs-bulgarias-green-energy-shift/
BAKU, Azerbaijan, October 16. In a significant
boost to Bulgaria’s sustainable energy transition, the
International Finance Corporation (IFC) is financing a major
225-megawatt (MW) direct current solar photovoltaic (PV) project
developed by Rezolv Energy, a prominent independent renewable
energy producer in Central and Eastern Europe, Trend reports via
IFC.
Set to become one of Bulgaria’s largest solar PV installations,
the project will aid the country’s drive towards net-zero
greenhouse gas (GHG) emissions by 2050.
Located near Silistra in northeast Bulgaria, the project
includes the development, construction, and operation of the solar
plant, along with the installation of two overhead transmission
lines spanning six kilometers. IFC’s investment totals €43 million,
with €30 million from its own account and an additional €13 million
from its Managed Co-Lending Portfolio Program. Raiffeisen Bank
International is contributing to the overall debt package, which
amounts to €90 million in total financing.
Once operational, the solar PV plant is expected to generate
approximately 313 gigawatt-hours of clean electricity annually. The
project will operate on a merchant basis, participating in the
Independent Bulgarian Energy Exchange and leveraging power purchase
agreements with various businesses to sell its electricity
output.
Rezolv Energy’s project not only represents a key advancement
for Bulgaria’s renewable energy goals but also highlights IFC’s
ongoing commitment to promoting sustainable, diversified energy
sources across Central and Eastern Europe.
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Publish date : 2024-10-16 05:39:00
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The post IFC backs Bulgaria’s green energy shift first appeared on Love Europe.
Author : love-europe
Publish date : 2024-10-16 12:56:42
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