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Feb 07, 2024 13:13 EEST
February 7 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday that it will guarantee up to 25 million euro ($26.9 million) for a UniCredit Bulbank loan to the Tsenovo solar photovoltaic (PV) plant in Bulgaria as part of its risk-sharing framework.
The loan will finance the construction and operation of the large-scale solar plant in northeastern Bulgaria, adding 112.5 MW of new solar energy generation capacity to the national electricity system, the EBRD said in a press release.
You can download the 2023 Renewable energy in Bulgaria report here
The solar plant is expected to produce 180 GWh of renewable energy once commissioned, with a significant portion distributed on the regional market through innovative off-take solutions, Unicredit Bulbank said in a separate statement. The initiative will contribute to Bulgaria's decarbonisation by increasing the share of renewable energy generation, aligning with the country's targets to phase out coal-fired generation by 2038.
The project is sponsored by Vienna-based Enery Development, a renewable energy infrastructure company with 273 MW of operational plants across Central and Eastern Europe.
The transaction marks the first greenfield renewable project financed under the EBRD's risk-sharing framework. The EBRD has already committed 4.5 billion euro across more than 292 projects in Bulgaria, concentrating on private-sector competitiveness, financial sector strength and infrastructure development.
($ = 0.9308 euro)
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