IFC is financing a 225-megawatt solar photovoltaic project by Rezolv Energy, marking a significant step in Bulgaria's shift towards a sustainable energy mix. Located near Silistra, this initiative represents one of the largest renewable energy projects in the country and aims to help Bulgaria meet its net-zero greenhouse gas emissions target by 2050. The project will be funded through a mix of equity and debt, with IFC investing €43 million as part of a broader €90 million financing package.
Bulgaria's energy transition faces considerable challenges, as it currently has the highest greenhouse gas emissions intensity in Europe, primarily due to its reliance on coal. The country aims to phase out coal by 2038 and increase renewable energy capacity significantly by 2030. This project not only supports these goals but also aligns with the broader climate commitments under the Paris Agreement, highlighting the potential for private sector investment to drive sustainable energy solutions in the region.
https://www.ifc.org/en/pressroom/2024/ifc-supports-major-solar-power-project-to-drive-bulgaria-s-renewable-energy-goals
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This is great step that will help reduce the amount of pollution that is brought about by use of fossil fuels.
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a major step towards diversifying Bulgaria’s energy mix and enhancing its sustainability efforts.
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Moving the money to sustainable and clean energy provision.
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Great to see investments going into less-renowned countries such as Bulgaria!
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This is quite a significant move. Moving towards a better future that is free from pollution is the way to go.
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Dear walter lungayi Your climate love has received over 50 agrees! We have reached out to IFC - International Finance by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time
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7 w
thus is so much commitment by IFC
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This is a tremendous move towards accelerating the country’s renewable energy ambitions.
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Considering that Bulgaria is facing a major issue on greenhouse gas emissions,this is a major shift towards creating a sustainable future for Bulgaria. Kudos to IFC for financing this noble course.