EBRD and Partners Commit €103 Million to Major Solar Project in Bulgaria

EBRD and Partners Commit €103 Million to Major Solar Project in Bulgaria

(IN BRIEF) The EBRD, in partnership with Raiffeisen Bank International, is providing €103 million to fund a 237 MWp solar photovoltaic plant in southeastern Bulgaria, developed by Tenevo Solar Technologies. The project will generate over 300 GWh of electricity annually, cutting CO2 emissions by 250,000 tonnes each year. It marks the first EBRD project in Bulgaria under the InvestEU Framework and supports the country’s decarbonization goals, including its target of 34.7% renewable electricity consumption by 2030. The initiative also promotes gender equality in the energy sector and strengthens private sector involvement in renewable energy development.

(PRESS RELEASE) LONDON, 23-Nov-2024 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) has announced a €50 million loan to Tenevo Solar Technologies EAD for the development and operation of a 237 MWp merchant solar photovoltaic (PV) plant in southeastern Bulgaria. Complemented by €53 million in financing from Raiffeisen Bank International, this €103 million package marks a milestone in Bulgaria’s renewable energy sector and green transition.

A Leap Towards Bulgaria’s Decarbonization Goals
Expected to generate over 300 GWh of electricity annually, the Tenevo plant will reduce carbon emissions by 250,000 tonnes per year and help Bulgaria achieve its ambitious net-zero targets by 2050. The project will contribute 238 MW of solar capacity to the national grid, with future plans for 250 MW of on-site energy storage.

This initiative, the first EBRD-backed project in Bulgaria under the InvestEU Framework for Sustainable Transition, exemplifies a new era of renewable energy projects operating without state subsidies or corporate power purchase agreements. It also aligns with Bulgaria’s goal of increasing renewable energy’s share in electricity consumption to 34.7% by 2030, more than doubling its 2020 target.

Promoting Gender Equality and Private Sector Growth
Designated as a Gender SMART project, Tenevo Solar Technologies has committed to promoting gender equality in Bulgaria’s traditionally male-dominated energy sector by signing the UN Women’s Empowerment Principles. The project also bolsters private sector involvement in renewable energy, with Tenevo Solar Technologies being jointly owned by Renalfa IPP and Eurowind Energy, leaders in clean energy and e-mobility from Austria, France, and Denmark.

Supporting Innovation and Resilience
The Tenevo project is part of Bulgaria’s broader Recovery and Resilience Plan, which includes co-located battery energy storage and the commissioning of at least 3.5 GW of new renewable capacity by 2026. Recent progress has seen over 1.3 GW of solar capacity added in just two years, with additional projects underway.

Statements from Leaders
Grzegorz Zielinski, Head of Energy Europe at the EBRD, emphasized the project’s significance:
“This landmark initiative underscores our commitment to Bulgaria’s green transition while addressing regional energy security challenges. It reflects the critical role renewable energy plays in reducing dependence on fossil fuels.”

Kalina Pelovska, Executive Director of Tenevo Solar Technologies, added:
“This partnership with the EBRD and Raiffeisen Bank International is a key step towards a more sustainable future for Bulgaria, setting a precedent for renewable energy investment in the region.”

The EBRD’s Broader Role in Bulgaria
As a leading investor in climate finance, the EBRD has supported 297 projects in Bulgaria, totaling €4.5 billion in funding. The Tenevo project exemplifies the EBRD’s strategic focus on sustainability and innovation under the EU’s InvestEU Programme, which aims to mobilize €372 billion in investment across eligible sectors by 2027.

This project signals a strong push towards renewable energy in Bulgaria, showcasing the country’s growing ambition and commitment to decarbonization.

Media Contact:

Tel: +44 207 338 7805
Email: Group-PressUnit@ebrd.com

SOURCE: EBRD