The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank are providing €60 million in combined financing to expand Bulgaria's Tenevo hybrid renewable energy project with a new 246 MW battery energy storage system (BESS), offering 512.5 MWh of storage capacity.
Developed by Tenevo Solar Technologies, a joint venture between Renalfa IPP and Eurowind Energy, the project will complement the existing 242 MWp solar plant in southeastern Bulgaria.
The EBRD and Raiffeisen Bank are each providing €30 million to finance the construction and operation of the new storage facility.
The expansion builds on the existing solar project, which was also financed by both institutions. Once integrated, the additional battery capacity will allow more renewable electricity to be stored and supplied when needed.
Bulgaria's battery storage pipeline has exceeded 6.2 GW of power capacity and 19 GWh of storage, reflecting growing investment in infrastructure needed to support renewable generation.
The EBRD has also supported the country's energy transition through financing programmes and technical assistance for renewable energy and storage projects under Bulgaria's Recovery and Resilience Plan.
The Tenevo expansion reflects a key development in Bulgaria's energy market: increasing renewable generation requires more storage capacity to manage fluctuations in electricity supply.
By combining solar generation with large-scale batteries, the project can improve the flexibility of renewable power and reduce the challenges associated with variable generation.
As Bulgaria's renewable capacity grows, investments in battery storage will be increasingly important for grid stability and making better use of available clean electricity.
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