IN Brief:
- Postbank has structured €78 million of long-term debt for the 70MW Strazhitsa wind project.
- Phase one will use 11 Vestas EnVentus V162-6.4MW turbines near Balchik.
- Turbine deliveries begin in early 2027, with commercial operation targeted for the fourth quarter.
Tessa Green Energy has secured €78 million of long-term debt financing for the 70MW Strazhitsa wind farm in northeastern Bulgaria, moving the project from equipment procurement into a funded construction programme.
Eurobank Bulgaria, operating under the Postbank brand, structured the financing and will act as lead arranger, agent, and account bank. The debt sits within an overall project investment of about €100 million and follows an earlier turbine order that fixed the principal generation equipment.
Strazhitsa is being developed near Balchik and will use 11 Vestas EnVentus V162-6.4MW turbines in its first phase. The package gives the project a nominal capacity of just over 70MW, with turbine deliveries scheduled to begin in the first quarter of 2027 and commercial operation targeted for the fourth quarter.
The financing closes one of the main gaps between a developed wind project and a construction site. A turbine order secures equipment and manufacturing slots, but civil works, grid infrastructure, electrical balance of plant, logistics, construction contracts, and project overheads still require capital before physical delivery can progress at scale.
The earlier Vestas order established Strazhitsa as one of the more substantial additions to Bulgaria’s recent onshore wind pipeline. The new financing is a separate project milestone because it addresses the capital structure needed to build the contracted plant rather than repeating the equipment announcement.
With €78 million of long-term debt against an investment of about €100 million, senior borrowing will fund a large share of the project. The remaining capital will come from equity and other project resources, although the developers and lenders have not disclosed the detailed repayment profile, interest terms, hedging structure, or full security package.
The financing documentation extends beyond the turbines themselves. Project finance typically requires lenders to examine construction contracts, equipment supply, service agreements, land rights, permits, grid arrangements, insurance, security, hedging, and direct agreements with major contractors before drawing down capital against agreed milestones.
That scrutiny reflects the number of technical interfaces inside an onshore wind project. Eleven turbines require foundations, access roads, crane hardstandings, internal medium-voltage collection, transformers, switchgear, protection, communications, metering, a substation, and a connection capable of exporting the full plant output.
The V162-6.4MW turbines are part of Vestas’ EnVentus platform, which uses a modular architecture across higher-rated onshore machines. Reaching approximately 70MW with 11 units reduces turbine count compared with older lower-capacity platforms, but it also concentrates more generation in each machine and increases the importance of component logistics and unit availability.
Long-term service therefore forms part of the commercial structure as well as the operating plan. The Vestas order includes an Active Output Management 5000 agreement, providing a defined maintenance framework after commissioning and giving the project a manufacturer-backed route for diagnostics, planned servicing, spare parts, and technical support.
That arrangement can reduce some operational uncertainty for lenders, although turbine service is only one element of plant availability. Electrical faults, grid constraints, substation outages, cable failures, access restrictions, and balance-of-plant problems can all remove generation even when the turbine itself remains mechanically sound.
The construction timetable is relatively compressed. Equipment deliveries are expected from early 2027, with turbine installation and commissioning continuing through the second and third quarters before commercial operation in the final quarter. Foundations, roads, electrical routes, and grid works therefore have to advance early enough for major components to arrive without creating a storage or sequencing problem onsite.
Transport will be another practical constraint. Modern wind components require carefully planned routes for long blades, tower sections, nacelles, and heavy lifting equipment, while the construction programme must coordinate those deliveries with weather conditions and crane availability.
Bulgaria’s wind fleet has seen comparatively modest capacity growth in recent years, making Strazhitsa a test of whether newer utility-scale projects can progress through permitting, turbine procurement, financing, construction, and grid integration without the delays that often separate announced capacity from operating assets.
The project now has two major commercial pieces in place: contracted turbines and long-term debt. That considerably narrows the development risk, but it does not remove execution risk. Construction still has to translate financial documentation and purchase agreements into foundations, electrical infrastructure, completed turbines, and an energised network connection.
By late 2027, the useful measure of the financing will not be its €78 million headline value. It will be whether the capital has supported a completed 70MW plant, with 11 turbines commissioned and the electrical infrastructure working reliably enough to turn an advanced development project into operating Bulgarian generation capacity.
