In early August 2025, the first phase of the complex energy project of "Tenevo Solar Technologies” was successfully launched.  The first 69 MW have been put into operation, as well as all connection facilities to the 400 kV ESO grid,with main supplier of the components for them Siemens Energy AG. Similar facilities have not been built in the country for decades, and their successful launch represents a major step forward in the development of the backbone of the electric grid in southern Bulgaria.

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The second phase of the photovoltaic park will be put into operation in early 2026, as some of the panels were damaged by the extremely intense hailstorm that passed through the field in May this year. Tenevo Solar is working closely with its insurance and financial partners, and steps are already being taken to repair the damage caused by the hailstorm and ensure the project is completed on time.

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The Tenevo project is a hybrid renewable energy complex comprising 238 MW of photovoltaics and a 315 MW / 760 MWh battery energy storage system (BESS). The first phase of the project is the photovoltaic power plant, the first part of which has already been commissioned. The second part of the photovoltaic park is scheduled to start operating in early 2026, while work is also underway on the construction of the batteries.

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Main creditors of this project are The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International. EBRD is lending up to €50 million to build and operate this fully merchant solar photo-voltaic plant. A parallel financing facility of €53 million will be provided by Raiffeisen Bank International, making the total finance package€103 million. The Tenevo plant is expected to generate more than 300 GWh of electricity a year and save 250,000 tonnes of carbon emissions annually.

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The project is supported by first loss risk cover deployed under the EBRD’s InvestEU Framework for Sustainable Transition, which aims to foster sustainable investment and convergence to EU norms, and will contribute to the Bulgarian green energy transition. This is the first use of the InvestEU guarantee by the EBRD in Bulgaria.

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Tenevo Solar Technology is a joint venture between Eurowind Energy and Renalfa IPP. Eurowind Energy is a Danish investment and project development company in the field of renewable energy and an independent power producer with over 20 years of experience and a presence in 15 countries. Eurowind Energy has global pipeline of over 60 GW, of which 1.3 GW in operation. Renalfa IPP is an Austrian joint venture between Renalfa Solarpro Group, a clean energy and e-mobility company based in Vienna, and French renewable energy infrastructure fund manager RGREEN INVEST. RenalfaIPP is one of the leading investors and developers of renewable energy projects in Central and Eastern Europe with more than 650 MW of operational assets, over 1 GW of projects in late-stage development and project pipeline of more than 3GW. The company is active in Poland, Hungary, Romania, Bulgaria, and North Macedonia.

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