This transaction will support Bulgaria's progress towards its ambitious renewable energy targets, which include the country's commitment to phasing out coal-fired generation by 2038


/LONDON, February 7, 2024, 9:00 GMT, EBRD, Renewable Market Watch™/


The loan from UniCredit Bulbank will be used for the construction and entry into commercial operation of one large-scale solar PV power plant in northeastern Bulgaria with 112.5 MW capacity, which will be connected to the national transmission system network with a 20 kV/110 kV substation. Enery Development is the project sponsor of the Tsenovo Solar Photovoltaic Power Plant. The company, which is headquartered in Austria, operates 273 MW of renewable energy plants across central and eastern Europe. The Three Seas Initiative Investment Fund supports Enery's investment pipeline.

The EBRD's 2020-25 strategy for Bulgaria continues its commitment to supporting sustainable infrastructure development through regional connectivity, green municipal solutions, decarbonisation and resource efficiency. The project will contribute to the country's decarbonisation by increasing the share of renewable energy generation.

The transaction is the first greenfield renewable project financed under the risk-sharing framework and is an example of innovative financing structures, including risk sharing, that the EBRD employs to help partner banks with capital and liquidity constraints. Global law firm Dentons advised UniCredit Bulbank and EBRD on the financing for the construction and operation of this solar power plant project.

The development of operational solar PV power plants in Bulgaria started with moderate steps in 2007 but progressed quickly by 2012. After the cut-off of renewable energy subsidies, the solar power market in the country stalled between 2012 and 2020.

However, the Bulgarian solar power market has been proliferating since 2021. In 2023, for the first time, Bulgaria entered the group of European countries and installed more than 1 GW of new capacity for one year. Bulgaria's cumulative installed solar PV capacity approached 3,000 MW (3 GW) at the beginning of 2024 (up from 1.7 GW in 2022). Several large-scale solar photovoltaic (PV) projects with a power capacity above 100 MW were launched into commercial operation in Bulgaria between 2021 and 2023. Local and international investors will build new solar projects between 2024 and 2027.

In the last few years, Bulgaria has been the focus of the investors' interest. Furthermore, Bulgaria has to diminish its dependency on Russian energy imports quickly. Solar power is one of the best alternatives for energy dependency reduction. The recent changes in the renewable energy legislation promulgated in the State Gazette on 13 October 2023 are supposed to propel further the growth of the Bulgarian solar photovoltaic energy market.

More information about other large-scale solar projects planned in Bulgaria, a detailed scheme of the permitting and administrative procedure for solar photovoltaic (PV) power plants, a map of grid-saturated areas in Bulgaria, and full contact details of important solar project owners and developers, and much other information you will find in: Bulgaria Solar Photovoltaic (PV) Power Market Outlook 2024÷2033. Furthermore, you will receive up to 4 quarterly updates within the subscription period.

To download the executive summary brochure with sample pages, please access from here: Bulgaria Solar Photovoltaic (PV) Power Market Outlook - Sample

For a better understanding of the benefits of using our reports, you may read here: Benefit List - Reports of Renewable Market Watch - 2024

About Renewable Market Watch™

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