Rezolv Energy has secured a licence for a 229MW solar project in Europe.
The company has been awarded the contract from Bulgaria’s Energy and Water Regulatory Commission. The project will consist of around 400,000 solar panels.
According to Rezolv Energy, “it is developing the St George solar project which represents one of the largest foreign investments in the Bulgarian renewable energy sector to date.” The solar project is located in Silistra.
As per a local report, St George is “financially viable and the owner has the necessary financing capabilities to complete it”. It will be one of the largest solar plants in Bulgaria.
Alastair Hammond, Chief Executive Officer of Rezolv Energy, was quoted in a statement, “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. Very large-scale projects like St George will take the transition to the next level.”
The project will begin construction soon and plans to enter into full operation by the second quarter of 2025.
The company informed that the power generated by the solar project will be sold to commercial and industrial users through long-term power purchase agreements.
So far, Rezolv has over 2GW of renewable energy in the pipeline of construction.