The European Bank for Reconstruction and Development is considering financial backing for a new large-scale battery project within the Tenevo renewable energy complex. The proposal relates to a 246 MW expansion that would be among Bulgaria’s largest energy storage developments to date.
EBRD support package for Tenevo Solar Technologies
The support package includes a senior secured loan of up to €30 million for Tenevo Solar Technologies. The funds are intended to help build a battery energy storage system with a planned capacity of 246 MW and 512.5 MWh. Total investment for the project is estimated at around €70 million.
The new storage unit would be integrated into the existing Tenevo renewable hub in southeastern Bulgaria rather than operating as a standalone facility. The site already has a 242 MW solar power plant and a 65 MW/260 MWh battery system that represents the first phase of its expansion.
Integration with existing solar and storage assets
After completion, the second battery installation would expand the site’s ability to store and dispatch renewable electricity during periods of peak demand. The upgrade is expected to improve grid flexibility and support additional renewable generation. It is also aimed at helping balance rising electricity needs across Bulgaria and neighboring Central and Eastern European markets.
Ownership structure and regional financing activity
Tenevo Solar Technologies is jointly owned by Austrian investor Renalfa IPP and Danish developer Eurowind Energy. Both companies view large-scale energy storage as a key element of the region’s clean energy transition. Their long-term strategy focuses on integrated renewable systems combining solar generation and battery storage.
The EBRD’s potential involvement follows earlier regional financing activity. Earlier this year, the bank approved €70 million for Renalfa-linked projects in Hungary as part of a broader €210 million package supporting a 450 MW solar portfolio and a 250 MW/1 GWh storage portfolio.
Tenevo expansion plan within wider Renalfa pipeline
The planned build-out at Tenevo is part of a wider regional strategy that targets a total battery complex of around 315 MW and 760 MWh at the site. The broader Renalfa group currently operates over 779 MW of energy assets. It is also developing more than 1.8 GW of additional projects across multiple Central and Eastern European countries.
If the financing is approved, the project would add to Bulgaria’s role as an investment hub for utility-scale battery storage and renewable energy in the region.
