The European Bank for Reconstruction and Development (EBRD) has approved a loan of up to 50 million euros for Tenevo Solar Technologies EAD to build and operate a solar photovoltaic plant in southeastern Bulgaria. The project will produce over 300 GWh of electricity annually and help reduce carbon emissions by 250,000 tons per year. The total financing package for the project amounts to 103 million euros, with 53 million coming from Raiffeisen Bank International.
This project, which is the first EBRD initiative in Bulgaria supported by the InvestEU guarantee, will significantly contribute to Bulgaria’s green transition. It is also expected to help the country meet its ambitious renewable energy and decarbonization goals. With a long-term plan to add energy storage capacity, the Tenevo plant will increase Bulgaria’s solar generation capacity by 238 MW, aligning with the nation’s target to reach net-zero greenhouse gas emissions until 2050.
The Tenevo solar plant will be the first renewable energy facility in Bulgaria with a capacity exceeding 100 MW to operate entirely in the market without relying on a support scheme or corporate power purchase agreements. It is designed as a Gender SMART project, with a commitment to promote gender equality in Bulgaria’s predominantly male-dominated energy sector.
Tenevo Solar Technologies EAD is a joint venture between Renalfa Solarpro Group, a Vienna-based clean energy company, and RGreen Invest, a French renewables infrastructure fund, along with Eurowind Energy, a Danish renewable energy developer. Both partners are equally invested in the project.
This initiative is particularly significant given the ongoing regional energy security concerns arising from the Russian war in Ukraine. Grzegorz Zielinski, Head of Energy Europe at EBRD, emphasized that the project highlighted the bank’s continued support for Bulgaria’s green transition and renewable energy ambitions.
Renewable energy is set to play a vital role in Bulgaria’s efforts to decarbonize its economy. The country aims for renewable sources to account for 34.7% of its electricity consumption until 2030, a significant increase from the 16% target set in 2020. In the past two years, Bulgaria has added 1.3 GW of solar PV capacity, with a further 3.5 GW expected until 2026.
The country’s push toward renewable energy is further supported by its participation in the EU’s Recovery and Resilience Plan, which has also benefited from EBRD’s backing. Recently, Bulgaria completed its first tender for renewable energy projects with co-located battery storage systems, awarding grants for over 3 GW of new solar PV projects.
As part of the EU’s InvestEU Programme, which aims to foster sustainable investment and job creation, the EBRD will continue to support Bulgaria and other EU member states in advancing their green energy transitions. The EBRD has financed 297 projects in Bulgaria, contributing more than 4.5 billion to the country’s development. (Novinite)