China Development Bank provides EUR 95 million loan for Pobeda, Cherganovo, Kolarovo and Karlovo Solar Power Plant Construction Project

Project narrative

On March 17, 2012, the Anhui Branch of China Development Bank and Hareon Solar Technology Co. (a leading global manufacturer of solar panels in China) signed an EUR 95 million loan agreement for the Pobeda, Cherganovo, Kolarovo and Karlovo Solar Power Plant Construction Project. The loan carried the following terms: a 13-year maturity and an annual interest rate of 6-month LIBOR (0.755%) plus 500 basis points (5%). The final maturity date of the loan is March 17, 2025. Hareon Solar Technology Co. used its own assets to guarantee the loan. Pobeda Solar Park is a 50.6 MW photovoltaic (PV) plant (or Фотоволтаична електростанция Победа) in the town of Pobeda with Pleven Province. Its locational coordinates are 43°31'11"N 24°32'43”E. Cherganovo Solar Park is a 29.3MW photovoltaic (PV) plant in the town of Cherganovo. Its locational coordinates are 29.3MW 42°35'15"N 25°29’8”E. Kolarovo Solar Park is a 5.88MW photovoltaic (PV) plant in the village of Kolarovo. Karlovo Solar Park is a 4.89MW photovoltaic (PV) plant in the town of Kolarovo. Construction began in January 2011. Financial reports from Hareon Solar Technology Co. identify the cost, power generation capacity, and commercial operation date for each of the solar power plants supported by the the proceeds of the CDB loan: Kolarovo 5.88MW, total cost 12,420,700 Euro, commercial operation date 2013-01-08; Karlovo 4.89MW, total cost 9,793,100 Euro, commercial operation date 2012-1-1; Pobeda 50.61MW, total cost 119,149,200 Euro, commercial operation date 2013-1-28; and Cherganovo 29.3MW, total cost 60,740,800 Euro, commercial operation date 2013-12-3. In total, Hareon Solar Technology Co., Ltd. invested $241 million into the four solar power plants. It claimed that it would receive a total of EUR 498 million in feed-in tariffs from the Bulgarian government. Then, in late 2021, Helios Energy Invest JSC acquired Helios Projects JSC — a Bulgaria-based photovoltaic company whose assets include the Pobeda solar park with a capacity of 50 MWh — from H1 Venture Swiss Holding AG. The €65 million transaction was financed by UniCredit Bulbank AD and was subject to clearance by the Commission for Protection of Competition (CPC) and the Energy and Water Regulatory Commission. The debt of China Development Bank was refinanced by UniCredit Bulbank AD.