Bulgaria’s renewable energy sector has secured a landmark financial package as the Strazhitsa wind farm project near Balchik finalized 100 million euros in total investment backing, paving the way for the country’s first major wind energy development in more than a decade, according to project developer Tessa Green Energy and financing institutions involved in the transaction.
The 70-megawatt onshore wind farm will feature 11 high-tech Vestas EnVentus V162-6.4 MW wind turbines situated near the Black Sea town of Balchik, with commercial operations slated to begin in the fourth quarter of 2027, as reported by Darik Business Review. The milestone breaks a prolonged industry standstill that has seen virtually no large-scale wind projects reach financial close in Bulgaria since 2012.
Postbank structured and finalized a long-term debt package totaling 78 million euros for the venture, according to an institutional announcement released on Wednesday. Financial advisory firm xFigure acted as the exclusive financial consultant for Tessa Green Energy throughout the conceptualization, documentation, and hedging processes.
Project Parameters and Technology Selection
The Strazhitsa wind farm represents a strategic expansion for Tessa Green Energy, a Bulgarian renewable energy developer and investor. The company is concurrently developing another nearby wind turbine initiative near the village of Kremena on behalf of United Group, the owner of telecommunications provider Vivacom, as noted in corporate disclosures.
The first phase of the Balchik installation deploys 11 of the most advanced onshore wind turbines available, each rated at 6.4 megawatts. Alexander Shterev, chief executive officer and co-shareholder with Trinity Investment in Tessa Green Energy, emphasized that reaching financial close with a major banking group validates the rigorous preparation behind the infrastructure asset.
“Project Strazhitsa is the result of years of preparation, consistency, and confidence in its potential,” Shterev said, according to corporate statements. He added that the financing confirms the project is a well-structured, bankable asset built on top-tier technology and robust long-term commercial foundations.
Financing Structure and Regional Impact
The transaction serves as a vital benchmark for clean energy investments across Southeast Europe, demonstrating renewed appetite from lenders and institutional investors for Bulgarian energy infrastructure. Postbank executives emphasized that the 78 million euro long-term debt facility underscores the financial institution’s commitment to sustainable investments and strategic national infrastructure initiatives.
“We believe that investments in renewable energy are key to accelerating Bulgaria’s energy transition and achieving national and European ESG goals,” Postbank stated in its announcement, highlighting the project’s role in cutting carbon footprints and bolstering sustainable economic growth.
Rositsa Chopeva, executive director of xFigure, noted that successfully bringing a project of this scale through financing proves that thorough preparation, proper structuring, and lender commitment can unlock substantial capital in a historically stalled market. xFigure specializes in project financing, mergers and acquisitions, and capital raising within the energy and infrastructure sectors.
Broader Market Outlook for Bulgarian Wind Power
The realization of the Strazhitsa project signals a potential turning point for commercial wind power development in Bulgaria, which has navigated regulatory and financial bottlenecks for more than twelve years. By establishing a modern reference framework for wind project financing in the region, the Balchik development sets a precedent for upcoming renewable infrastructure pipelines.
Tessa Green Energy has indicated that the Balchik installation serves as the initial phase of a broader regional strategy aimed at expanding its renewable footprint. Construction activities and equipment delivery schedules remain on track to meet the targeted commercial commissioning deadline by the end of 2027.
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