The European Bank for Reconstruction and Development (EBRD) is lending up to €50 million to Tenevo Solar Technologies EAD for the construction and operation of a merchant solar photovoltaic plant in southeastern Bulgaria. A parallel financing package of €53 million will be provided by Raiffeisen Bank International, bringing the total investment to €103 million. The project is supported by the EBRD’s InvestEU Framework for Sustainable Transition, which promotes sustainable investments and aligns with EU norms. Notably, this is the first time the EBRD has used the InvestEU guarantee in Bulgaria.
The Tenevo solar plant, once completed, will add 238 MW of solar capacity to Bulgaria’s national energy grid. There are also plans to expand the plant with a 250 MW behind-the-meter energy storage system in the long term. This project is a significant step in Bulgaria’s path to achieve its ambitious goal of reaching net-zero greenhouse gas emissions by 2050 and reducing reliance on coal-fired power, which still dominates the country’s energy sector.
This solar project will be the first renewable energy plant in Bulgaria exceeding 100 MW to sell all of its output in the market without relying on state support or corporate power purchase agreements. Additionally, the project has been designated as “Gender SMART” due to the commitment by its sponsors to sign the UN Women’s Empowerment Principles, promoting gender equality in Bulgaria’s male-dominated energy sector.
The Tenevo Solar project is led by Tenevo Solar Technologies EAD, a joint venture owned equally by Renalfa IPP, an Austrian joint venture with a focus on clean energy, and Eurowind Energy, a Danish renewable energy developer.
Grzegorz Zielinski, Head of Energy Europe in the EBRD’s Sustainable Infrastructure Group, emphasized the importance of the project in supporting Bulgaria’s green transition, especially amid regional energy security concerns exacerbated by Russia’s war on Ukraine. Kalina Pelovska, Executive Director of Tenevo Solar Technologies, expressed excitement about the partnership with EBRD and Raiffeisen Bank International, noting it marks a significant milestone for renewable energy investments in the region.
This project aligns with Bulgaria’s energy goals, with the country aiming to have renewable energy account for 34.7% of its electricity consumption by 2030—more than double the 16% target set in 2020.
