EBRD guarantees €25 million loan to fund Bulgarian solar plant

Green Forum
The European Bank for Reconstruction and Development (EBRD) will guarantee up to €25 million for a loan provided by UniCredit Bulbank to the Tsenovo solar plant in Bulgaria.

This financial support will facilitate the construction and operation of the Tsenovo solar plant, which will contribute 112.5 MW of new solar generation capacity to Bulgaria's electricity grid. The project is spearheaded by Enery Development, a Vienna-based renewable energy infrastructure firm with a portfolio of 273 MW in operational renewable energy projects across central and eastern Europe. Enery is backed by the Three Seas Initiative Investment Fund.

This initiative aligns with Bulgaria's renewable energy objectives, including the aim to phase out coal-fired power generation by 2038. The EBRD's strategy for Bulgaria for the period of 2020-2025 underscores its dedication to promoting sustainable infrastructure development in the country, emphasizing regional connectivity, green municipal solutions, decarbonization, and resource efficiency. The Tsenovo solar plant project will advance decarbonization efforts by increasing the proportion of renewable energy generation in Bulgaria.

Notably, this transaction marks the first greenfield renewable project financed under the EBRD's risk-sharing framework, showcasing the institution's commitment to employing innovative financing mechanisms such as risk sharing to assist partner banks facing capital and liquidity constraints.

The EBRD has been a significant investor in Bulgaria, having invested €4.5 billion in 292 projects in the country. Its primary focus remains on enhancing the competitiveness of the private sector, strengthening the financial sector, and addressing infrastructure needs.

RECOMMENDED
RECOMMENDED FROM THE HOME PAGE
Business

L'Oréal hits 100% renewable energy in Europe

L'Oréal has announced that, as of December 2024, all its European operations—including factories, offices, and distribution centers—are now powered entirely by renewable energy.

Industry

Europe must speed hybrid solar adoption for sustainability

Europe's energy landscape stands at a transformative crossroads, as hybrid solar technology emerges as a powerful solution, capable of significantly enhancing the efficiency, reliability, and affordability of renewable energy systems.

Industry

Ocean Winds taps Polish firm for BC-Wind

Ocean Winds, a joint venture equally owned by EDP Renováveis and Engie, has selected Polish firm Crist Offshore to deliver the offshore substation for its 500 MW BC-Wind project.

READ MORE
Green Forum  |  1 April, 2025 at 9:00 PM
Green Forum  |  1 April, 2025 at 4:00 PM