AES Solar constructing series of solar power plants with combined capacity of 20.6MW near Silistra, Bulgaria, with €48M funding from Societe Generale Expressbank; completion expected by May 2012
November 16, 2011
– Societe Generale Expressbank arranged € 48 million debt financing for construction of a portfolio of 7 photovoltaic plants with a total installed capacity 20.6 MW near the town of Silistra.
The plants are being developed by AES Solar, a leading global investor, owner and operator of utility-scale solar power plants globally. In addition to Bulgaria, AES Solar has plants, either operating or in construction in Italy, Spain, France, Greece, India and the United States.
One of the Bulgarian plants (3.8 MW) has been operating since January 2011 and the rest (16.8 MW) are currently in construction and shall be completed by May 2012.
AES Solar plants globally use either thin-film or polycrystalline solar panels.
Maria Rousseva, Executive Director of Societe Generale Expressbank: “We succeeded to establish a working platform for providing various project finance solutions in different sectors of the economy. It is my belief that the bank shall contribute for reduction of the human footprint on the nature and I am proud that we can be of service to our country for fulfillment of its obligations within the EU strategy on generation of energy from renewable sources.”
Societe Generale Expressbank
Societe Generale Expressbank is one of the top ten leading financial groups in Bulgaria. It is composed by the bank Societe Generale Expressbank and its subsidiary companies – Sogelease Bulgaria, Societe Generale Factoring and its associate life insurance company Sogelife Bulgaria.