Tenevo Solar PV (EBRD-54884)

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.
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 3, 2024
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)
$ 53.75 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 50
Converted using 2024-05-07 exchange rate.
Loan Amount (USD)
$ 53.75 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 50
Converted using 2024-05-07 exchange rate.
Project Cost (USD)
$ 173.83 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 161.7
Converted using 2024-05-07 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 26, 2024

Disclosed by Bank May 7, 2024

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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.

According to the EBRD, the project consists of up to EUR 50 million senior secured loan to Tenevo Solar Technologies EAD, a project entity registered in Bulgaria. The loan will be dedicated to the construction and operation of a solar PV plant with capacity of 238 MWp in south-eastern Bulgaria. The Project is expected to generate around 332 GWh of electricity a year. The EBRD loan is expected to be approved fully or partially under the EBRD InvestEU Framework for Sustainable Transition (OpID 54197).

The Project will contribute to climate change mitigation and the Bulgarian green energy transition by adding 238 MW of solar generation capacity to the Bulgarian national energy system. The Project will also be the first sizeable long term project finance of renewable energy projects on a purely merchant structure in Bulgaria. It will also strengthen the private sector presence in the renewable energy sector in Bulgaria. The Project also has a long-term plan to add on a 250MW capacity of behind-the-meter energy storage.

The project includes the installation of a PV solar plant on two nearby two sites which will be connected through an underground transmission line and a sub-station. The PV plant will in-turn be connected to the national grid through a short aboveground 400kv line extending 73m.

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, Tenevo Solar Technologies EAD is a joint stock company incorporated in Bulgaria for the purpose of constructing and operating a 238 MW solar PV power plant in south-eastern Bulgaria. The Project is equally owned by two Sponsors, including (i) Renalfa IPP, an Austrian JV between Renalfa Group (Bulgarian clean energy investment group) and RGreen Invest (French RES infrastructure fund), and (ii) Eurowind Energy A/S, a Danish renewable energy developer and independent power producer.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Renalfa Solarpro Group GmbH Parent Company Energy contracts with Eurowind Energy A/S Parent Company Energy
Renalfa Solarpro Group GmbH Parent Company Energy contracts with RGreen Invest SAS Parent Company Finance
RGreen Invest SAS Parent Company Energy contracts with Eurowind Energy A/S Parent Company 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
Elena Markova
Email: kpelovska@renalfa.com / em@ewe.dk
Websites: 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

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How it works