Bulgaria’s first licensed photovoltaic power plant utilised a partial recourse financing to overcome the country’s changing feed-in tariffs structure.
The €154 million project was structured as a 50/50 joint venture between South Korean solar power company SDN Company (formerly Seoul Marine) and South Korea’s state electricity company, Korea South East Power (Kosep).
Korea Development Bank provided the loan, which was covered by South Korea’s export credit agency, Ksure. The offtaker was Bulgaria’s state-owned electricity company.
The project covered the development of...
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