RCI Holding Supports the Delivery of Bulgaria’s Landmark St. George Solar Park

RCI Holding acknowledges the successful commissioning of the St. George Solar Park in Silistra, Bulgaria, a landmark renewable energy development delivered by Rezolv Energy and backed by Actis.

As one of the largest photovoltaic developments in Bulgaria, the 225 MW project represents a significant advancement for the country’s energy transition agenda and the wider decarbonization objectives of Central and Eastern Europe. Constructed on the site of the former Silistra airport, the development illustrates the strategic repurposing of brownfield infrastructure into long-term energy assets capable of supporting regional energy resilience, grid modernization, and sustainable economic growth.

RCI Holding provided public affairs and regulatory support in relation to the project, contributing to stakeholder engagement processes and the advancement of the development within a rapidly evolving regional energy and regulatory landscape.

Delivered in less than three years from the acquisition of development rights, St. George establishes a new benchmark for the execution of utility-scale renewable infrastructure projects in Southeast Europe. The solar park comprises nearly 400,000 photovoltaic panels and is expected to generate approximately 313 GWh of renewable electricity annually, contributing materially to Bulgaria’s installed solar generation capacity and long-term energy security objectives.

The project further integrates a 90 MW / 240 MWh battery energy storage system supported through the European Union’s NextGenerationEU programme. The storage component will play a critical role in enhancing system flexibility, optimizing energy dispatch, and supporting grid stability through the balancing of intermittent renewable generation.

The project’s long-term commercial structure is anchored by a Virtual Power Purchase Agreement (VPPA) with Ardagh Group, representing one of the first agreements of its kind in Bulgaria and reinforcing the growing maturity of corporate renewable energy procurement mechanisms in the region.

Construction activities were supported through €90 million in debt financing provided by the International Finance Corporation and Raiffeisen Bank International.

The successful commissioning of St. George highlights the continued momentum of large-scale renewable energy investments across Central and Eastern Europe and reinforces Bulgaria’s strategic role within the region’s evolving clean energy landscape.

RCI Holding congratulates Rezolv Energy, Actis, and all project stakeholders on the successful delivery of this flagship infrastructure development.

Read the full announcement from Rezolv Energy.