Renalfa IPP and Eurowind Energy A/S have officially inaugurated the Tenevo hybrid renewable energy complex in Southeastern Bulgaria, one of the largest hybrid renewable energy platforms in Europe.

The complex combines a 242 MWp solar photovoltaic plant with two co-located battery energy storage systems totalling 311 MW / 773 MWh, and is expected to generate approximately 332 GWh of clean electricity a year. Solarpro Holding acted as the EPC contractor and project manager for the complex.

Financing Backed by EBRD, RBI and InvestEU Guarantee

The Tenevo complex is financed by the European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International AG (RBI). EBRD is providing USD 56.5 million and RBI USD 59.9 million for the photovoltaic part, with a total of USD 67.8 million earmarked for the second phase of the battery energy storage system, to be signed shortly.

The project is among the first in Bulgaria to benefit from a guarantee under the European Union's InvestEU program. The photovoltaic plant and the first phase of the battery storage system in Tenevo have been operational since 2025.

Expansion Plans and Total Investment

The Tenevo complex is designed to strengthen grid resilience, enable higher shares of renewable energy in Bulgaria's power system, and deliver reliable, flexible, market-oriented clean power. According to the companies, this reflects Renalfa's and Eurowind Energy's strategy of maximising the available grid connection by hybridising generating assets.

The platform is set to expand further, with planned wind phases of more than 250 MW. Across all phases, total investment in Tenevo is expected to exceed USD 565 million.

Leadership Perspectives

Ivo Prokopiev, founder and chief executive of Renalfa Solarpro Group, described the complex as the first showcase in Europe of a dispatchable renewable asset of that scale, saying that Eastern Europe is currently changing the traditional energy transition playbook for investing in and structuring renewable projects. He thanked the financing partners EBRD and RBI for being open to supporting such innovative business models.

Jens Rasmussen, founder and CEO of Eurowind Energy, said that Tenevo Hybrid Park is a strong example of what can be achieved when ambitious and committed developers join forces.

Together, he said, they have created one of the largest hybrid energy projects in Europe, but the ambitions do not stop there. He pointed to the plans to add wind power to the park as underlining the potential the companies see in Bulgaria and their commitment to further developing renewable energy in the country, adding that they are ready to take the next step.

Mark Bowman, EBRD Vice President for Policy and Partnerships, said Tenevo shows what the next stage of the energy transition looks like: combining solar generation with battery storage to strengthen system resilience and integrate more renewable power.

He said the bank is proud to support the landmark project, which demonstrates how policy ambition and strong partnerships can mobilize private investment and turn ambition into delivery in Bulgaria and across South-Eastern Europe.

Rainer Schnabl, Board Member of Raiffeisen Bank International AG, said the bank is committed to supporting the energy transition across its home markets in Central and South Eastern Europe.

He described the Tenevo Hybrid Park as a landmark project that demonstrates how ambitious decarbonization objectives can be translated into large-scale, commercially viable infrastructure and thanked Renalfa and Eurowind Energy for their trust and excellent cooperation throughout the transaction.

Location and Just Transition Significance

Located in South-Eastern Bulgaria next to a coal region undergoing transition, Tenevo carries wider significance for Bulgaria's just transition agenda and the region's economic transformation, according to the developers.

The opening ceremony was attended by Prokopiev, Rasmussen, Bowman, Georgios Gkiaouris, Acting Director and Head of Energy Europe at EBRD, and Irene Öhlinger-Horacek, Head of Project & Corporate Finance at Raiffeisen Bank International AG, along with representatives of the local government, financial institutions, industry leaders, local communities, and key stakeholders who contributed to the project's development.

About the Partners

Renalfa IPP is a Vienna-based renewable energy developer and independent power producer, formed as a joint venture between Renalfa Solarpro Group, a Vienna-based clean energy and e-mobility company, and French renewable energy infrastructure fund manager RGREEN INVEST.

Renalfa IPP is one of the leading renewable energy investors and developers in Central and Eastern Europe, with more than 806 MW of operational generation assets and over 1 GWh of energy storage in operation, plus a further 1.1 GW of generation projects and more than 3.5 GWh of storage in final stages of construction and development. The company is active in Hungary, Romania, Bulgaria and North Macedonia.

Eurowind Energy A/S is a Danish renewable energy developer and independent power producer with more than 20 years of experience in developing, constructing and operating renewable energy projects.

Headquartered in Hobro, Denmark, the company is active in 15 markets and currently owns and operates 1.6 GW of renewable energy capacity, with a development portfolio of approximately 55 GW across wind, solar and other renewable energy technologies. Eurowind Energy's shareholders include Danish energy and telecommunications group Norlys, which holds a 37.65 percent stake, and Blackstone Infrastructure, which holds 24.7 percent.

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