International Finance Corp. (IFC) and Raiffeisen Bank International have signed off on a €90 million ($97.8 million) debt package to support the development of a 225 MW facility in northeastern Bulgaria.
The IFC, a member of the World Bank Group, and Vienna-headquartered Raiffeisen Bank International are financing the development of a major solar project in Bulgaria.
The debt package, totaling €90 million, consists of €43 million from the IFC, made up of €30 million from its own account and up to €13 million from its Managed Co-Lending Portfolio Program. Raiffeisen Bank International is contributing 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 plant, along with two overhead transmission lines totaling 6 km.
Once operational, the project will run on a merchant basis, selling electricity through a combination of the wholesale electricity market via the Independent Bulgarian Energy Exchange and power purchase agreements with businesses.
Bulgaria has set a target of adding around 3 GW of renewable energy capacity by 2030, which the IFC estimates will require €43.7 billion in investment.
According to figures from the International Renewable Energy Agency (IRENA), Bulgaria had deployed 2,937 MW of solar by the end of 2023.