Solar Vramis (EBRD-55973)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Bulgaria
Geographic location where the impacts of the investment may be experienced.
Specific Location
Pernik region of Wester Bulgaria
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 24, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Solar Vramis a.d.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 58.38 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 50
Converted using 2025-08-07 exchange rate.
Loan Amount (USD)
$ 58.38 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 50
Converted using 2025-08-07 exchange rate.
Project Cost (USD)
$ 127.27 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 109
Converted using 2025-08-07 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 19, 2025

Disclosed by Bank Aug 7, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of the provision of a senior secured limited-recourse loan of up to EUR 50 million in favour of Solar Vramis AD, a joint stock company incorporated in Bulgaria. The loan proceeds will be used to finance the development, construction, and operation of a 171.5 MWp solar PV plant in the Pernik region of Wester Bulgaria. The EBRD loan is part of a broader EUR 136m financing that supports the development, construction, and operation of a 480.2 MWh portfolio of co-located and standalone battery energy storage system (BESS) projects in Bulgaria. The EBRD loan is expected to be approved under the EBRD InvestEU Framework for Sustainable Transition.

The Project will support climate change mitigation by adding 171.5MW of greenfield solar generation capacity to the Bulgarian national energy system. With its merchant exposure, the Project will also strengthen private sector participation in the renewable energy sector in Bulgaria by reducing reliance on government support schemes while expanding hybrid renewable energy systems.

The EBRD loan is expected to benefit from a first loss guarantee provided by the European Union under the InvestEU Programme, specifically under the EBRD General Debt Product and the Sustainable Infrastructure Window. The Project is expected to be included under the Framework for Sustainable Transition, approved by the InvestEU Investment Committee.

Additionally, TC support from the InvestEU Advisory Hub was also provided to carry out the E&S Due Diligence.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

According to the EBRD, environmental and Social risks associated with the construction and operation of a 171.5 MW Solar Power Plant and the associated infrastructure, including a 110 kV substation, 2.6 km 35 kV underground transmission line, 2 km permanent access road are site-specific and can be readily assessed and managed through implementation of an ESAP. The Project and associated infrastructure have been subject to a screening process, and the Competent Authorities have deemed that the Project does not require EIA under national legislation.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Solar Vramis JSC is a joint stock company incorporated in Bulgaria. The Borrower is ultimately fully owned by Solaris Parks AD, which is in turn 100% owned by Solaris Holding JSC, a limited liability company incorporated in Bulgaria which is a joint venture between Sunotec Investment (50%) and Solars Energy (50%), two established renewable energy investors in Bulgaria. Sunotec Investment is majority owned by Kaloyan Velichkov, the founder and CEO. Solars Energy is majority owned by Starcom Holding AD (24%), Arkont-Invest (20%) and Velislav Hristov (6%). Synthetica, a publicly-listed diversified business group owns the remaining 49.99% in Solars Energy.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sunotec Group Parent Company Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Solar Vramis a.d. (Sunotec Group):

Bozhidar Pechev
Email: pechev@eurofinance.bg
Phone: +359897009080
Fax: +359897009080
Address: 43 Christopher Columbus blvd, Sofia, 1592

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works