Austrian renewable energy developer Renalfa IPP has announced the successful securing of €103 million in funding for its 237.6 MW hybrid solar project located in southeastern Bulgaria. The financing includes a €50 million commitment from the European Bank for Reconstruction and Development (EBRD), marking the bank’s first InvestEU-supported project in Bulgaria. Raiffeisen Bank International is also contributing €53 million to the project.
The Tenevo solar power plant, once completed, is expected to generate over 300 GWh of electricity annually, significantly contributing to carbon reduction efforts by cutting 250,000 tons of CO2 emissions each year. Additionally, the project plans to incorporate 250 MW of energy storage in the future.
This plant will be a milestone for Bulgaria, as it will be the first renewable energy project in the country with a capacity over 100 MW to sell its entire output directly to the open market, without relying on government support schemes or corporate power purchase agreements (PPAs).
Construction of the Tenevo solar power plant began in September 2023, with the facility slated for commissioning in early 2025. Renalfa IPP is a joint venture between Austria’s Renalfa Solarpro Group and the French renewable infrastructure fund RGreen Invest.
