EBRD backs Enery’s project for large-scale solar farm in Bulgaria

The European Bank for Reconstruction and Development (EBRD) has agreed to guarantee a loan of up to EUR 25 million (USD 26.8m) for the deployment of a new large-scale solar plant in northeastern Bulgaria by Vienna-based renewable energy company Enery.

The loan is provided by Sofia-based UniCredit Bulbank for the construction and operation of the Tsenovo solar plant, which will add 112.5 MW of new solar capacity to the national grid, the two lenders said in separate statements on Wednesday.

EBRD noted that the transaction marks the first greenfield renewable project financed under its risk-sharing framework.

The Tsenovo project will help Bulgaria advance its renewable energy targets and support its push to phase out coal-fired power generation by 2038 at the latest. The facility will be built in a municipality of the same name in the district of Ruse.

Once operational, the site is expected to generate 180 GWh of clean power, with a significant portion of its output to be directed to the regional market through direct and financial off-take solutions, according to Unicredit Bulbank's statement.

Backed by a significant ownership stake from the Three Seas Initiative investment fund, Enery has a portfolio of 312 MW of green energy assets. Its central and eastern European portfolio includes 273 MW of operational renewable energy plants

(EUR 1 = USD 1.074)

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