As a key partner in the EU’s InvestEU Programme, EBRD aims to mobilize €372 billion in investments from 2021 to 2027, with €635 million allocated for EBRD-supported projects.

Bulgaria's renewable energy efforts are further bolstered by the EU’s Recovery and Resilience Plan, which has received backing from EBRD.

To support this initiative, EBRD has approved a loan of up to €50 million for Tenevo Solar Technologies EAD to construct a solar photovoltaic plant in southeastern Bulgaria.

The Tenevo solar plant is set to have a capacity of 237 MWp, generating over 300 GWh of electricity annually and saving 250,000 tonnes of CO2 emissions each year.

Significantly, Tenevo will be the first renewable energy facility in Bulgaria with a capacity exceeding 100 MW to operate independently in the market without a support scheme.

The European Bank for Reconstruction and Development (EBRD) has launched its first initiative in Bulgaria, supported by the InvestEU guarantee, to aid the country's green transition.

This initiative is particularly crucial amid regional energy security concerns stemming from the ongoing war in Ukraine, highlighting EBRD's support for Bulgaria's green ambitions.

Bulgaria aims to increase the share of renewables in its electricity consumption to 34.7% by 2030, up from 16% in 2020, with 1.3 GW of solar capacity added in the last two years.

Recently, Bulgaria concluded its first tender for renewable energy with co-located battery storage, awarding grants for over 3 GW of new solar projects.

Tenevo Solar Technologies EAD is a joint venture involving established renewable energy firms Renalfa Solarpro Group, RGreen Invest, and Eurowind Energy, each holding equal stakes.

The total financing package for the Tenevo project amounts to €103 million, which includes a €53 million contribution from Raiffeisen Bank International.

The solar plant will enhance Bulgaria's solar generation capacity, contributing to the country's goal of achieving net-zero greenhouse gas emissions by 2050.