EBRD to guarantee 25 mln euro loan to fund Bulgarian PV project

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.

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)