IFC, a member of the World Bank Group, UniCredit Bank Austria and the Overseas Private Investment Corporation, OPIC, are lending about EUR 155 million to SunEdison to finance construction of the 60,4 MWp Karadzhalovo solar power plant.
The lenders said that by doing so, they were supporting Bulgaria’s strategy to increase its renewable energy production. IFC, OPIC and UniCredit jointly arranged financing of the project.
The Karadzhalovo plant is situated in Southern Bulgaria, in proximity to Plovdiv in the municipality of Purvomai, and will be among the largest solar installations in Europe.
The new solar plant will support Bulgaria in its development of renewable energy capacity, and will demonstrate the country’s ability to attract large investments.