Renalfa Holdco Debt (EBRD-55989)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Bulgaria
  • Hungary
  • Romania
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 9, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Renalfa IPP GmbH
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 113.32 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 100
Converted using 2025-05-21 exchange rate.
Loan Amount (USD)
$ 113.32 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 100
Converted using 2025-05-21 exchange rate.
Project Cost (USD)
$ 385.29 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 340
Converted using 2025-05-21 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 10, 2025

Disclosed by Bank May 21, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of a holding level ("HoldCo") secured financing of up to EUR 100 million to Renalfa IPP GmbH, a renewable energy developer and an independent power producer, for the development, construction and operation of about 1GW of renewable energy sources co-located with about 3GWh of battery energy storage systems across Bulgaria, Romania and Hungary. The loan is expected to partially benefit from support under the InvestEU Fund, which benefits are envisaged to be shared along with the co-lenders.

The Project's main objectives are:

i) Through the proceeds of the loan, Renalfa IPP aims to fund an extensive investment program to hybridize (integrating BESS technology into the existing and new solar photovoltaic and wind assets) and expand its existing RES portfolio, positioning the Company as a leading renewable energy producer in the CEE region.

ii) The Project will significantly boost the Company's energy production and storage capacity, enabling to meet increasing energy demands in Bulgaria and the broader CEE market. Also, by leveraging innovative technologies like BESS, Renalfa IPP can capture new market segments in renewable energy sector.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Renalfa IPP is an Austrian based joint venture between Renalfa Solarpro Group GmbH, a Vienna-based clean energy and e-mobility investment group and existing client of the Bank (70%), and RGREEN INVEST, an independent French investment management company focused on energy transition (30%). The Company is currently holding an operating portfolio comprising 230MWp solar PV, 73MW wind and 298MWh BESS, as well as has 254MWp solar PV and 400MWh BESS under construction.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
RGreen Invest SAS Client Energy contracts with Renalfa Solarpro Group GmbH Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Renalfa IPP GmbH:

Kalina Stefanova-Pelovska
Email: kpelovska@renalfa.com
Website: https://renalfa.com

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works