The European Bank for Reconstruction and Development (EBRD) is providing a €50 million loan to Tenevo Solar Technologies EAD for the development of a 238-MW solar farm in south-eastern Bulgaria. The financing is part of a €103 million package, with an additional €53 million coming from Raiffeisen Bank International.
The Tenevo solar farm is expected to generate over 300 GWh of electricity annually and cut carbon emissions by 250,000 tonnes per year. It marks the first renewable energy plant in Bulgaria exceeding 100 MW that will operate entirely as a merchant facility, selling its output without government support schemes or corporate power purchase agreements.
The project, supported by the EBRD's InvestEU Framework for Sustainable Transition, represents the first use of the InvestEU guarantee in Bulgaria. It aligns with the country's goal of achieving net-zero greenhouse gas emissions by 2050, while reducing reliance on coal-based power generation.
“This sizeable merchant solar project highlights the EBRD's continued support for Bulgaria's green transition, particularly against the backdrop of regional energy security concerns,” said Grzegorz Zielinski, Head of Energy Europe at the EBRD's Sustainable Infrastructure Group.
The Tenevo plant, operated by Tenevo Solar Technologies EAD, plans a future expansion with an additional 250 MW of energy storage capacity. It is co-owned by Renalfa IPP—an Austrian joint venture between Renalfa Solarpro Group and RGreen Invest—and Denmark-based Eurowind Energy.
As a “Gender SMART” initiative, the project incorporates measures to promote gender equality in Bulgaria's energy sector, including adherence to the UN Women's Empowerment Principles.
“This collaboration represents a key landmark for the renewable energy investment community in the region,” said Kalina Pelovska, executive director of Tenevo Solar Technologies EAD. “We look forward to working together to bring our plans to reality.”
The Tenevo solar farm strengthens Bulgaria's private sector presence in renewable energy while advancing the country's green energy transition. It is expected to serve as a model for future large-scale renewable projects in the region.
