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Energy group Electrohold said today it has put the 123-MW Verila solar farm in southwest Bulgaria into operation.
The power plant, which is Bulgaria’s largest solar park, will supply electricity to mobile phone operator Yettel and telecoms infrastructure affiliate Cetin Bulgaria under a 10-year power purchase agreement (PPA). The electricity from Verila is expected to cover about 80% and 86% of the total power consumption of the two companies, respectively.
The investment in the project totals slightly over BGN 200 million (USD 112.3m/EUR 102.2m), sourced from internal funds and financing provided by DSK Bank and Varengold Bank.
The solar park is situated on the southern slope of Verila Mountain, in close proximity to the town of Dupnitsa, encompassing a vast area spanning over 1,300 decares (321.2 acres). Constructed on hilly terrain with an elevation variance of about 300 metres, the project is described as one of the most challenging in Europe, as highlighted by Electrohold.
“This project is part of our development strategy, which includes building a vertically integrated business model encompassing production, distribution, supply, and sale of green electricity. We are already considering the next steps – expanding our renewable energy capacities and implementing the best form of green energy storage,” said Kiril Boshov, Chairman of the Supervisory Board of Electrohold Sales.
The company expects its portfolio of renewable energy capacity to exceed 500 MW by the end of the year, Boshov added.
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