Rezolv Energy, an independent energy producer with a large portfolio of renewable assets, owned by Actis, has reached financial close for its €90 million in debt financing from the International Finance Corporation and Raiffeisen Bank International to support the construction of the 225MW St. George solar park in north-eastern Bulgaria.
The project includes the development, construction, and operation of the solar PV plant, along with two overhead transmission lines. With an average annual power generation of more than 310 GWh, St. George will be one of the largest solar projects in Bulgaria . Offtake includes a virtual PPA with a member of the Ardagh Group, one of the first such PPAs to be signed in the country.
St. George will contribute to Bulgaria’s energy transition and help the country meet its climate targets.
The Clifford Chance team was led by Milica Zatezalo Falatar, partner, assisted by Manon Guery and Violaine Lecoq Burgelin associates, and Yuxiao Liu, intern, Fabien Jacquemard, senior counsel, and Santiago Ramirez, associate, on the hedging aspects , Sandy Hall, partner, Jonathan Forrest, senior associate, and Tom Pemberton, associate, on the construction aspects, Samiha Bham, senior associate, Josephine Stefani, associate and Johanneke Butijn, senior associateon the virtual PPA aspects.
Spasov & Bratanov advised the lenders on the Bulgarian law aspects.
