Image: Sapviktor, Pixabay
A 237.6 MW solar power plant to be built in southeastern Bulgaria has secured a €103 million ($107.2 million) financing package
The financing consists of €50 million from the European Bank for Reconstruction and Development (EBRD) and a parallel financing facility of €53 million from Austria’s Raiffeisen Bank International.
The investment has gone to Tenevo Solar Technologies EAD, a Bulgarian public limited company equally owned by two partners: Vienna-based developer Renalfa IPP and Danish independent energy producer Eurowind Energy.
Tenovo Solar Technologies will be responsible for the construction and operation of the fully commercial project, which will be the first renewable power plant of more than 100 MW in Bulgaria to sell all its production on the market without a support scheme or a corporate power purchase agreement.
Once completed, it is expected to generate more than 300 GWh of electricity annually. In the long term, the project plans to add 250 MW of on-site behind-the-meter energy storage.
The EBRD’s contribution is supported by first-loss cover deployed under its InvestEU Sustainable Transition Framework, which aims to promote sustainable investments and convergence to EU standards, marking the EBRD’s first use makes use of the InvestEU guarantee in Bulgaria.
Last month, International Finance Corp and Raiffeisen Bank International signed a €90 million debt package to support the development of a 225 MW facility in northeastern Bulgaria.
According to figures from the International Renewable Energy Agency (IRENA), Bulgaria had deployed 2,937 MW of solar energy by the end of 2023. The country aims for renewable energy sources to account for 34.7% of its electricity consumption by 2030.
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