Ardagh Glass Packaging-Europe (AGP-Europe), an operating business of Ardagh Group, announced today that it has entered a long-term Virtual Power Purchase Agreement (VPPA) with Rezolv Energy’s St. George solar photovoltaic (PV) project in Bulgaria, securing renewable electricity for its glass manufacturing operations across Europe from April 2026. 

Schneider Electric, a leading adviser in corporate renewable energy procurement and carbon management, supported AGP-Europe in the VPPA negotiation.

The VPPA – one of the first to be signed in Bulgaria – is intended to provide 110 GWh per year of renewable electricity to AGP-Europe, over 12 years. It complements AGP-Europe’s renewable energy supply from wind power, secured in Sweden earlier this year. Together, thanks to their different sources, they are designed to provide AGP-Europe with a consistent renewable power supply throughout the year.

In conjunction with other Power Purchase Agreements in its portfolio, this deal is designed to enable AGP-Europe to meet over 80% of its 2030 renewable electricity targets.

Rezolv is able to sign this VPPA in Bulgaria, with a major international industrial firm, because Bulgaria is a full member of the Association of Issuing Bodies (AIB) and going through the final steps to connect to the AIB Hub, thus making its Guarantees of Origin tradeable across Europe.  Adopting this essential European legislation and enacting it fully directly supports Bulgaria in decarbonising its electricity grid for the benefit of everyone.

About the St. George solar park

The St. George solar park will be built on a brownfield site: the former Silistra airport, a decommissioned airfield covering 165 hectares. The project will comprise nearly 400,000 photovoltaic panels. St. George will be one of the largest solar projects in Bulgaria once it is operational in the summer of 2025.

In a country which has historically relied on fossil fuels for most of its energy needs, replacing fossil production with renewables delivers the maximum possible emissions reduction impact. St. George will therefore play a crucial role in Bulgaria’s energy transition and help the country meet its climate targets. 

The project will also be developed to the highest international sustainability standards to ensure that it leaves a lasting, positive legacy. 

Martin Petersson, CEO AGP-Europe said:

“We are pleased to have finalised this agreement in just six months, which is largely due to Rezolv’s flexibility, the support and technical know-how of Schneider Electric, and our own experience in this field.”

“The Bulgarian solar project perfectly meets our aim to diversify the locations of our renewable energy supply and to support emerging energy markets: AGP-Europe benefits from a supply of renewable electricity, while helping Bulgaria’s transition to low-carbon energy.”

Alastair Hammond, CEO, Rezolv Energy added:

“By signing this VPPA, AGP-Europe has become one of the most important corporate investors in Bulgaria’s energy transition. Through it, the company has become the leading enabler of St. George, a 229 MW solar project which, overall, will deliver an average of 313 Gigawatt hours of renewable electricity annually. AGP-Europe is therefore making a direct contribution to reducing Bulgaria’s dependence on fossil fuels and to enhancing its energy security.”

Jaroslava Korpanec, Partner, Head of Central and Eastern Europe, Energy Infrastructure at Actis, commented:

“In signing this VPPA for its solar project in Bulgaria, Rezolv Energy is placing itself at the heart of pioneering practices to drive the energy transition across Central and Eastern Europe while helping leading businesses power their operations more sustainably through renewable energy.”

 

Rezolv Energy was launched 18 months ago by Actis, a leading global investor in sustainable infrastructure, and already has well over 2GW of clean energy being prepared for construction in South Eastern Europe. As well as St. George, projects include Dama Solar in western Romania which, at 1,044MW, will be the largest solar plant anywhere in Europe once it is built. Rezolv also has more than 1GW of wind power under construction or in late stage development in Romania through two projects it is developing in partnership with Low Carbon. 

Actis-backed Rezolv Energy has selected three companies – CMC Europe, Solarpro and Green Solar Energy – to build the 229MW ‘St. George’ solar park in Silistra Municipality in Northeastern Bulgaria. Construction work is due to start very shortly, with the plant coming onstream next year.

CMC Europe, and Eastern Europe’s leading technology integrator Solarpro, will together act as the engineering, procurement and construction (EPC) partner for the project. 

St. George will be connected to the main transmission grid via a 110kV substation and two independent connection lines totalling approximately six kilometres in length. The high voltage work will be delivered by Green Solar Energy, also a Bulgarian company.

About the St. George solar park

The St. George solar park will be built on a brownfield site: the former Silistra airport, a decommissioned airfield covering 165 hectares. The project will comprise nearly 400,000 solar panels. 

In a country which has historically relied on fossil fuels for most of its energy needs, replacing fossil production with renewables delivers the maximum possible emissions reduction impact. St. George will therefore play a crucial role in Bulgaria’s energy transition and help the country meet its climate targets. 

The power produced will be sold to commercial and industrial users through long-term Power Purchase Agreements (PPAs). The first PPA for St. George is set to be announced very soon – a major deal and one of the first PPAs to be signed in Bulgaria. It follows the five pioneering PPAs that Rezolv has signed in recent months connected to its 461MW ‘VIFOR’ wind farm in Romania.

As well as PPAs, St. George will be financed through loan facilities from a consortium of international lending partners and regional commercial lenders. 

CMC Europe and Solarpro’s role as EPC partner will involve working alongside Rezolv to implement the Environmental and Social Action Plan for St. George. The Environmental and Social Action Plan is consistent with Rezolv’s sustainability strategy, which has been built on industry best practice and aligns with international standards, including the Equator Principles and the International Finance Corporation (IFC)’s Performance Standards on Environmental and Social Sustainability. 

In the construction phase of the project, up to 200 people will be hired, with as many employees as possible coming from the local area. Training and skills development programmes are also being put in place. This is a priority, because closing the skills gap in the renewables industry is a crucial part of the energy transition in Bulgaria. Longer term, St. George will continue to provide local employment throughout its 30 plus years of operation.

Alastair Hammond, CEO, Rezolv Energy, said:

“St. George will be one of the largest solar projects in Bulgaria, so it was necessary to find the right blend of local experience and international expertise. We also needed partners with outstanding track records who shared our commitment to sustainability. CMC Europe, Solarpro and Green Solar Energy meet all of those requirements.”

Jaroslava Korpanec, Partner, Head of Central and Eastern Europe, Energy Infrastructure at Actis, said:

“It’s terrific to see Rezolv Energy moving forward with the St. George solar park in Bulgaria. Once developed, St. George will be one of the largest solar plants in Bulgaria, operating 229MW of solar energy and playing a decisive part in the country’s energy transition. With both the VIFOR wind farm and St. George solar farm progressing strongly, Rezolv has the wind in its sails and is positioned to make a real difference in the region.”

Rezolv, which launched 18 months ago, already has well over 2GW of clean energy being prepared for construction in South Eastern Europe. As well as St. George, projects include Dama Solar in western Romania which, at 1,044MW, will be the largest solar plant anywhere in Europe once it is built. Rezolv also has more than 1GW of wind power under construction or in late stage development in Romania.