IFC Plans EUR 59 M Package for Bulgaria Solar Project

The 21.4-megawatt solar project in the village of Serm will use First Solar Inc.'s (FSLR) panels and will have a total cost of EUR 83 M, according to the IFC. File Photo

The International Finance Corp. (IFC) is planning to offer a package of EUR 59 M to the French based firm EDF Energies Nouvelles SA for the construction of a solar energy project in South Bulgaria.

The IFC, part of the World Bank, is planning to lend EUR 21 M, syndicate EUR 28 M and offer a EUR 10 M subordinated loan as part of the deal, according to Zibusiso Sibanda, spokeswoman for the IFC, cited by Dow Jones Venturewire.

The 21.4-megawatt solar project in the village of Serm will use First Solar Inc.'s (FSLR) panels and will have a total cost of EUR 83 M, according to the IFC.

Power will be sold under a 25-year contract to state-owned national electricity company NEK. Construction is scheduled to start toward the end of 2010, and the project is due to be fully operational in the first quarter of 2012.

The developer is also planning a second phase of the project nearby, according to the IFC.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!