Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Bulgaria

Geographic location where the impacts of the investment may be experienced.

Specific Location

Tenevo, south-eastern Bulgaria

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

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

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 8, 2026

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

Tenevo Solar Technologies EAD

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)

$ 34.86 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 30
Converted using 2026-06-02 exchange rate.

Loan Amount (USD)

$ 34.86 million

Project Cost (USD)

$ 81.35 million

Other Related Projects

EBRD-54884 Tenevo Solar PV

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 6, 2026

Disclosed by Bank Jun 2, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

According to the EBRD, the project consists of an up to EUR 30 million senior secured project finance loan in favour of Tenevo Solar Technologies EAD, a privately owned special purpose vehicle established in Bulgaria. The loan proceeds will be dedicated to the development, construction and operation of 246 MW/512.5 MWh Battery Energy Storage System (BESS) in south-eastern Bulgaria, co-located with existing solar PV power plant (PVPP) and 65MW/260MWh BESS.

The Project will support local power grid resilience and enable higher levels of renewable generation deployment by adding 246 MW/512.5MWh BESS capacity, to be co-located with existing and fully operational 242 MWp PVPP and a 65MW/260MWh BESS. The PVPP is also financed by EBRD. By adding storage capacity to the existing solar generation, the Project will allow the Company to capture new market segments in the renewable energy sector and contribute towards meeting the increasing energy demands in Bulgaria and the broader CEE market.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

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, Tenevo Solar is a joint stock company established in Bulgaria to develop, construct, and operate a 242 MWp solar PV plant and two co-located BESS of 65MW/260MWh (BESS-1) and 246MW/512.5MWh (BESS-2). The Company operates the renewable energy assets in Yambol, south-eastern Bulgaria. The Company is a 50:50 JV between (i) Renalfa IPP, an Austrian late-stage renewable portfolio JV between Austrian clean energy and e-mobility group Renalfa Solarpro Group, and French green infrastructure fund RGreen, and (ii) Eurowind Energy, a Danish RES developer and IPP, partiallyowned by the largest Danish electricity and internet supplier NORLYS.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Eurowind Energy A/S	Parent Company	Energy	contracts with	Renalfa Solarpro Group GmbH	Parent Company	Energy
Eurowind Energy A/S	Parent Company	Energy	owns	Tenevo Solar Technologies EAD	Client	Energy
Renalfa Solarpro Group GmbH	Parent Company	Energy	owns	Tenevo Solar Technologies EAD	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 - Tenevo Solar Technologies EAD:

Kalina Stefanova-Pelovska
Michael Hauggaard Skov
Email: kpelovska@renalfa.com / mhs@ewe.dk
Website: https://renalfa.com / https://eurowindenergy.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