The European Bank for Reconstruction and Development is scheduled to consider on 22 July an up to €30 million senior secured project-finance loan for an expansion of the Tenevo hybrid renewable complex in southeastern Bulgaria. The financing is intended to support a major battery addition within the site.
Tenevo battery system details and co-location with solar
The proposed loan would back a 246 MW/512.5 MWh battery system developed by Tenevo Solar Technologies. The new installation is designed as a two-hour battery phase and will be co-located with an operational 242 MWp solar plant.
The expansion will also sit alongside an existing 65 MW/260 MWh battery at the same complex. If completed, the combined portfolio would reach total storage capacity of 311 MW/772.5 MWh, equivalent to about 2.5 hours of full-power discharge across the batteries.
Backers and financing scale per unit of storage
The project is backed by Eurowind Energy and Renalfa IPP. Renalfa IPP is associated with Renalfa Solarpro Group and infrastructure investor RGREEN INVEST.
The proposed EBRD facility corresponds to roughly €58,500 per MWh of new storage capacity. That figure is not presented as a construction-cost benchmark because the bank is expected to finance only part of the capital requirement, and no complete project cost has been disclosed.
Lending structure and credit considerations for battery revenues
The EBRD decision remains pending, and first disbursement would be conditional on updated environmental and social documentation. Approval would be another step in expanding utility-scale storage project financing activity in Bulgaria within Southeast Europe.
No fixed tolling agreement, guaranteed availability payment, or PPA-backed battery revenue has been disclosed for the debt service profile. Repayment is expected to rely on some combination of wholesale arbitrage, balancing markets, ancillary services, and avoidance of renewable curtailment.
The revenue mix could shift as competing Bulgarian batteries enter operation, with income from individual balancing products potentially compressing even if wider midday-evening spreads remain commercially attractive. The co-location arrangement uses the solar plant’s existing land, substation, grid connection, and operating platform to support charging during low-value production periods while limiting curtailment and captured-price erosion.
Marker is placed here in relation to the co-location benefits described for the hybrid complex. The four-hour duration of the existing battery complements the shorter new phase by providing additional options between higher-power balancing services and longer energy shifting across the combined portfolio.
Marker is placed here in relation to the pending EBRD approval process and conditions for initial disbursement tied to environmental and social documentation updates.
