Germany's BayernLB to Finance 3 Bulgarian Solar Parks

German company BayernLB is financing three photovoltaic parks constructed by Solea AG, a company based in the Bavarian town of Plattling, for Minstroy Holding JSC, Sofia.

The export finance totalling just under EUR 18 million covers 85% of the costs for development, procurement, construction and installation of the project, which consists of three self-contained parks in Gabarevo, Pavel Banya (2.6 Megawatt Peak) and Chelnik, Yambol (3.2 MWp and 3.0 MWp) in the Southeastern of Bulgaria.

The loan is granted directly to the buyer and has a tenor of five years. There is a public ECA cover provided by Euler Hermes Kreditversicherungs AG, Hamburg.

The supply contract was concluded between Solea AG, acting as general contractor and the investor, the Bulgarian corporation Minstroy Holding JSC based in Sofia.

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