EBRD backs Bulgaria battery storage expansion with €30 million loan

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EBRD backs Bulgaria battery storage

Highlights

EBRD and Raiffeisen Bank International AG are providing €30 million each to Tenevo Solar Technologies for a 246 MW, 512.5 MWh battery storage system in Bulgaria.
The €60 million Tenevo project expands co-located storage at an existing 242 MWp solar PV plant, aiming to improve grid stability and integrate more clean energy.
Bulgaria's battery storage capacity now exceeds 6.2 GW and 19 GWh, establishing the country as a regional leader in renewable energy integration and decarbonisation.

Tenevo project financing and capacity

As reported by European Bank for Reconstruction and Development, the lender is providing a €30 million loan to Tenevo Solar Technologies for the development of a battery energy storage project in south-eastern Bulgaria, alongside €30 million in parallel funding from Raiffeisen Bank International AG.

The €60 million package finances the construction and operation of a battery energy storage system at Tenevo. The facility will have a power capacity of 246 MW and storage capacity of 512.5 MWh, making it one of the largest battery storage projects in Bulgaria.

The project will be co-located with an existing 242 MWp solar photovoltaic plant, which was also financed by the EBRD and RBI, and with a 65 MW battery installation capable of storing 260 MWh of electricity. The new asset increases storage capacity at the site, with the aim of improving grid stability and supporting the integration of additional clean energy into Bulgaria’s power system.

Tenevo Solar Technologies is a long-standing client of the EBRD. The bank previously provided €50 million to build and operate the fully merchant Tenevo solar PV plant, with support from first loss risk cover under the EBRD’s InvestEU Framework for Sustainable Transition.

Role in Bulgaria’s energy transition

As Bulgaria accelerates its shift away from fossil fuels, renewable generation and battery storage are becoming increasingly important for decarbonising the power sector, improving flexibility and strengthening energy security.

Latest estimates put Bulgaria’s battery storage capacity at more than 6.2 GW and 19 GWh, one of the country’s most significant energy transition gains. That expansion is positioning Bulgaria among regional leaders in renewable energy integration and decarbonisation.

From 2023, the EBRD worked with Bulgaria’s Ministry of Energy on the design of grant schemes, competitive allocation and technical verification for renewable energy and electricity storage projects under the country’s Recovery and Resilience Plan. September 2026 marked the completion of those schemes, which the bank says have transformed Bulgaria’s renewable energy market.

Manuela Naessl, EBRD Head of Bulgaria, says the Tenevo project is another important step in the country’s battery storage rollout and will help create a more resilient, secure and sustainable power sector.

In our earlier article on Mario Draghi’s warning about tight monetary policy, we covered his argument that keeping interest rates above growth for too long can worsen debt dynamics and ultimately undermine the structural investment needed for long-term growth. He stressed that while central banks must prioritise inflation control, they should aim for the lowest rate path consistent with price stability to avoid choking off productive investment, alongside broader EU measures to support investment and productivity.

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