EBRD mulls lending 50 mln euro to Bulgaria's Tenevo Solar

The project, with a total cost of 161.7 million euro, and is expected to generate some 332 GWh of electricity annually, leading to CO2 savings of 250,000 tonnes per year, EBRD said in a project disclosure on Tuesday.

The financing is expected to be approved fully or partially under the EBRD InvestEU Framework for Sustainable Transition on June 12.

The project, to be developed in southeastern Bulgaria, includes a long-term plan to add 50 MW of behind-the-meter energy storage capacity and will bolster the private sector presence in the renewable energy sector in Bulgaria, the EBRD said.

Tenevo Solar Technologies is a joint stock company established to construct and operate the 238 MWp solar power plant. The project is co-owned by Renalfa IPP, a joint venture between Austria-based Renalfa Solarpro Group and French infrastructure fund manager RGreen Invest, along with Danish renewables developer Eurowind Energy.

Last September, Bulgarian engineering, procurement and construction contractor SolarPro Holding broke ground for the hybrid onshore wind, solar and storage project in Tenevo.

($ = 0.9289 euro)