As part of the joint project, Electrohold Trade will manage a pool of photovoltaic systems and associated battery storage systems. In the first expansion phase, new systems with a total output of around 2.5 GWh (AC) will be integrated on an ongoing basis. Full commercial market launch is planned for the fourth quarter of 2025, with further expansion into the first quarter of 2026.

Bavarian technology meets Bulgarian market expertise

The Mobility House Energy is contributing its aggregation and trading software, which has been continuously refined since 2016 and tested with various battery technologies and numerous energy products.

Expert analysis: Key challenges and opportunities for the European renewable energy market

Electrohold Trade uses this technology to operate its energy storage systems commercially and achieve higher returns from its solar plants through advanced flexibility and intermittency trading – far beyond traditional feed-in tariff models. Together, software innovation and market experience are merging to unlock new value creation potential in Bulgaria.

Scalable model for large-scale storage projects

At the heart of the project is the co-location principle: battery storage systems are connected directly to solar parks. This close coupling allows both systems to be used optimally. Fluctuating feed-in can be better managed, grid stability is increased, and expensive grid expansion measures can be avoided. The project is a significant step for Bulgaria’s energy transition and a scalable model for large-scale storage projects across Europe.

Market for hybrid power plants in Europe still in the starting blocks

Economic significance and market integration

The project establishes battery storage as a central element of Bulgaria’s future energy supply and uses state-of-the-art algorithmic trading software and innovative incentive structures to exploit the full potential of renewable energies. Beyond technical innovation, the project demonstrates how classic energy trading expertise can be seamlessly integrated with state-of-the-art algorithmic trading to set new industry standards.

UK: Trinasolar starts deliveries for integrated project

Assen Christov, Chairman of the Supervisory Board of Eurohold Bulgaria, explains: “Through the strategic use of co-location solutions and state-of-the-art technology, we are creating a platform that is not only economically attractive but also significantly improves the technical resilience of the Bulgarian power grid at lower costs.”

The smarter E Europe looks to flexibilisation, digitalisation and sector coupling

Thomas Raffeiner, CEO of The Mobility House, adds: “This collaboration sends a strong signal for the future of battery-based energy supply in Europe. Together, we are bringing a scalable solution to life that will drive the energy transition in Bulgaria and set the pace for the whole of Europe.” (hcn)

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As part of the joint project, Electrohold Trade manages a pool of photovoltaic systems and associated battery storage systems. In the first expansion phase, new systems with a total output of around 2.5 GWh (AC) will be integrated on an ongoing basis. Full commercial market launch is planned for the fourth quarter of 2025, with further expansion into the first quarter of 2026.

Bavarian technology meets Bulgarian market expertise

The Mobility House Energy is contributing its aggregation and trading software, which has been continuously refined since 2016 and tested with various battery technologies and numerous energy products.

Expert analysis: Key challenges and opportunities for the European renewable energy market

Electrohold Trade uses this technology to operate its energy storage systems commercially and achieve higher returns from its solar plants through advanced flexibility and intermittency trading – far beyond traditional feed-in tariff models. Together, software innovation and market experience are merging to unlock new value creation potential in Bulgaria.

Scalable model for large-scale storage projects

At the heart of the project is the co-location principle: battery storage systems are connected directly to solar parks. This close coupling allows both systems to be used optimally. Fluctuating feed-in can be better managed, grid stability is increased, and expensive grid expansion measures can be avoided. The project is a significant step for Bulgaria’s energy transition and a scalable model for large-scale storage projects across Europe.

Market for hybrid power plants in Europe still in the starting blocks

Economic significance and market integration

The project establishes battery storage as a central element of Bulgaria’s future energy supply and uses state-of-the-art algorithmic trading software and innovative incentive structures to exploit the full potential of renewable energies. Beyond technical innovation, the project demonstrates how classic energy trading expertise can be seamlessly integrated with state-of-the-art algorithmic trading to set new industry standards.

UK: Trinasolar starts deliveries for integrated project

Assen Christov, Chairman of the Supervisory Board of Eurohold Bulgaria, explains: “Through the strategic use of co-location solutions and state-of-the-art technology, we are creating a platform that is not only economically attractive but also significantly improves the technical resilience of the Bulgarian power grid at lower costs.”

The smarter E Europe looks to flexibilisation, digitalisation and sector coupling

Thomas Raffeiner, CEO of The Mobility House, adds: “This collaboration sends a strong signal for the future of battery-based energy supply in Europe. Together, we are bringing a scalable solution to life that will drive the energy transition in Bulgaria and set the pace for the whole of Europe. (hcn)

Don`t miss our pv Guided Tours and CEO Talks – LIVE from Munich





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The project will be supported by first loss risk cover deployed under the EBRD’s InvestEU Framework for Sustainable Transition, which aims to foster sustainable investment and convergence to EU norms, and will contribute to the Bulgarian green energy transition. This is the first use of the InvestEU guarantee by the EBRD in Bulgaria.

The Tenevo plant will add 238 MW of solar generation capacity to the Bulgarian national energy system, with a long-term plan to add on a 250MW capacity of behind-the-meter energy storage. This is an important project to advance towards Bulgaria’s ambitious net-zero greenhouse gas emissions target by 2050 and reduce reliance on coal generation, which still dominates in the power system.

Gender SMART project

The project will be the first renewable energy plant over 100 MW that will sell all its output in the market without a support scheme or a corporate power purchase agreement in Bulgaria. The project is designated as Gender SMART as the Sponsors and the Company committed to sign the UN Women’s Empowerment Principles to promote gender equality across the male-dominated energy sector in Bulgaria. It will also strengthen the private sector presence in the renewable energy sector in Bulgaria.

Tenevo Solar Technologies EAD is a joint stock company incorporated in Bulgaria to construct and operate this plant. It is equally owned by two partners. One is Renalfa IPP, an Austrian joint venture between Renalfa Solarpro Group, a Vienna-based clean energy and e-mobility company, and RGreen Invest, a French renewables infrastructure fund. The second is Eurowind Energy, a Danish renewable energy developer and independent power producer.

Also see: EBRD funds EV charging infrastructure in eastern Europe and Baltics

“We are delighted to finance this sizeable merchant solar project, which highlights the Bank’s continued support for Bulgaria’s green transition, in today’s context of concerns over regional energy security in light of Russia’s war on Ukraine as well as to support Bulgaria’s ambitious renewables and decarbonisation targets,” said Grzegorz Zielinski, Head of Energy Europe in the EBRD’s Sustainable Infrastructure Group.

Target of 34.7% renewable power by 2030

“We are excited to partner with the EBRD and Raiffeisen Bank International on this ground-breaking project, which reflects our shared vision for a more sustainable future in Bulgaria. This collaboration represents a key landmark for the renewable energy investment community in the region, and we look forward to working together to bring our plans to reality,” said Kalina Pelovska, executive director for Tenevo Solar Technologies EAD.

Also see: Large battery storage systems in Europe are all the rage

Renewable energy is expected to play a critical role in the decarbonisation of the economy of Bulgaria. The country is aiming for renewables to make up 34.7 per cent of its electricity consumption by 2030, more than double its 2020 target of 16 per cent.

Also see: Central and Eastern Europe increasingly in the solar gigawatt class

This rising ambition is driving renewed interest in the sector, seeing about 1.3 GW of additional solar PV capacity being built over the past two years. In addition, this month Bulgaria’s decarbonisation efforts have taken an important leap forward with the conclusion of the country’s first renewable energy with co-located battery energy storage systems tender, which awarded grants to over 3 GW of new solar PV projects. This is part of Bulgaria’s Recovery and Resilience Plan targets, which is also supported by EBRD, and aim for commissioning of at least another 3.5 GW of renewable capacity by 2026.

InvestEU Programme supports sustainable investments

The EBRD is a leading Implementing Partner for the EU’s InvestEU Programme, which supports sustainable investment, innovation and job creation in the European Union. It aims to trigger more than €372 billion in additional investment between 2021 and 2027. Between 2022 and 2027 InvestEU guarantees worth €635 million will be leveraged by the EBRD to finance investments of up to €2.7 billion in eligible sectors. (hcn)





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There are a number of drivers for the installation of large-scale batteries in Central and Eastern Europe. These include the increasing renewable energy integration, grid stability, energy security & independence goals, EU regulation & support, regulatory & market developments, electricity price volatility, carbon reduction goals & coal plant phase out, electric vehicle growth and grid relief.

See also: Increasing focus on integrated PV development

In addition, flexibility assessments will be mandatory for transmission system operators (TSO) in the EU from 2026. By June 2026, they must assess system flexibility needs, set national targets for non-fossil flexibility, and quantify energy storage needs for inclusion in National Energy and Climate Plans (NECPs). “This is a clear signal to investors and developers, funding will help kickstart emerging storage markets,” emphasized Eliza Stefan, Sales Manager BESS for Central & Eastern Europe, Jinko EES.

Strong financial incentives

In addition to high energy prices, there are strong financial incentives for the use of large-scale battery storage. For example, the approved EU State Aid for Eastern Europe since 2022 in Hungary and Poland adds up to 1.2 trillion euros each; in Bulgaria to 0.75 bn euros, in Romania to 0.375 bn €, in Slovenia to 0.2 billion euros and in Lithuania to 0.2 billion euros.

See also: Central and Eastern Europe increasingly in the solar gigawatt class

Among other things, Romania is introducing capacity auctions for large-scale battery storage from 2026 and is already relying on contracts for difference (CfD). Poland is also relying on capacity market auctions, but also on tax incentives, to promote large-scale battery storage. Up to 45% of project costs of utility-scale storage are covered by grants in Hungary, in addition to a CfD scheme and modern grid connection rules. Lithuania is also promoting modern grid connection rules and large-scale BESS support. The expansion of large-scale battery storage in war-torn Ukraine is being heavily financed by international financial donors, and import duty exemptions are also in place.

Strong growth – but still also limitations

Overall, the large-scale battery storage market in six key countries in Central Europe is expected to grow by a factor of five by 2030. Poland is in the lead with an increase in installed large-scale battery storage capacity from around 350 MWh to 4,000 MWh, followed by Romania with an increase to around 3,750 MWh and Lithuania with around 3,500 MWh in 2030. The Hungarian large-scale battery storage market is estimated to be around 3,300 MWh by then, the Bulgarian market around 3,000 MWh and the Ukrainian market around 2,750 MWh.

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However, regulatory and market barriers, grid infrastructure limitations and limited financial incentives are still hurdles, as Eliza Stefan pointed out. In Romania, for example, there are no clear connection rules for utility-scale BEES projects and delays in processing grants hinder rapid development. In Bulgaria, there are also no clear regulatory for C&I BESS storage and the future plans for frequency regulation are underdeveloped. (hcn)





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There are a number of drivers for the installation of large-scale batteries in Central and Eastern Europe. These include the increasing renewable energy integration, grid stability, energy security & independence goals, EU regulation & support, regulatory & market developments, electricity price volatility, carbon reduction goals & coal plant phase out, electric vehicle growth and grid relief.

See also: Increasing focus on integrated PV development

In addition, flexibility assessments will be mandatory for transmission system operators (TSO) in the EU from 2026. By June 2026, they must assess system flexibility needs, set national targets for non-fossil flexibility, and quantify energy storage needs for inclusion in National Energy and Climate Plans (NECPs). “This is a clear signal to investors and developers, funding will help kickstart emerging storage markets,” emphasized Eliza Stefan, Sales Manager BESS for Central & Eastern Europe, Jinko EES.

Strong financial incentives

In addition to high energy prices, there are strong financial incentives for the use of large-scale battery storage. For example, the approved EU State Aid for Eastern Europe since 2022 in Hungary and Poland adds up to 1.2 trillion euros each; in Bulgaria to 0.75 bn euros, in Romania to 0.375 bn €, in Slovenia to 0.2 billion euros and in Lithuania to 0.2 billion euros.

See also: Central and Eastern Europe increasingly in the solar gigawatt class

Among other things, Romania is introducing capacity auctions for large-scale battery storage from 2026 and is already relying on contracts for difference (CfD). Poland is also relying on capacity market auctions, but also on tax incentives, to promote large-scale battery storage. Up to 45% of project costs of utility-scale storage are covered by grants in Hungary, in addition to a CfD scheme and modern grid connection rules. Lithuania is also promoting modern grid connection rules and large-scale BESS support. The expansion of large-scale battery storage in war-torn Ukraine is being heavily financed by international financial donors, and import duty exemptions are also in place.

Strong growth – but still also limitations

Overall, the large-scale battery storage market in six key countries in Central Europe is expected to grow by a factor of five by 2030. Poland is in the lead with an increase in installed large-scale battery storage capacity from around 350 MWh to 4,000 MWh, followed by Romania with an increase to around 3,750 MWh and Lithuania with around 3,500 MWh in 2030. The Hungarian large-scale battery storage market is estimated to be around 3,300 MWh by then, the Bulgarian market around 3,000 MWh and the Ukrainian market around 2,750 MWh.

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However, regulatory and market barriers, grid infrastructure limitations and limited financial incentives are still hurdles, as Eliza Stefan pointed out. In Romania, for example, there are no clear connection rules for utility-scale BEES projects and delays in processing grants hinder rapid development. In Bulgaria, there are also no clear regulatory for C&I BESS storage and the future plans for frequency regulation are underdeveloped. (hcn)





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New PV systems with a capacity of 4.6 GW were installed in Poland in 2023, with installed capacity rising to over 15 GW. However, at 100 megawatts (MW), the market only grew slightly compared to the previous year (change in the support scheme for private households, falling electricity prices) and increasingly shifted to larger rooftop systems and solar parks. Overall, further stable growth in photovoltaics is expected in Poland.

Hungary was the second strongest solar market in Central and Eastern Europe last year. PV installations increased by 1.6 GW (plus 45%, 2022, 1.1 GW) and installed capacity climbed to 5.6 GW. Challenges for further growth are grid capacities and the design of incentive programs for PV storage systems for private households under the new “gross metering” subsidy regime.

First tenders for PV storage systems in Bulgaria

The solar market in Bulgaria has tripled in the past three years. Installed PV capacity rose from just over 1 GW at the beginning of 2021 to almost 3 GW at the end of last year. In 2023, the PV expansion amounted to around 1 GW. In the summer of 2023, the share of photovoltaics in the electricity mix was over 40% in some cases, albeit only for a few hours. With an average annual sunshine duration of between 2,000 and 2,600 hours in various regions, the country offers high solar irradiation potential.

See also: Bulgaria – 55 MWh battery energy storage system deployed

The Bulgarian PV market is strongly characterized by large-scale systems. Due to the high energy prices, the first major corporate PPAs (Purchase Power Agreements) were concluded last year. The first combined tendering round for renewable generation plants (1.995 GW) with combined energy storage (350 MW/700 MWh) was launched in Bulgaria at the beginning of this year. The dynamic growth of the Bulgarian PV market, which is expected to continue, depends not only on progress in grid expansion but also heavily on increased investment in energy storage technologies.

Growth of 300 percent in Romania

In terms of volume, the photovoltaic market in Romania is roughly on a par with Bulgaria. Around 2.9 GW of solar power capacity was installed there at the end of last year. PV installations also increased by around 1 GW in 2023, an increase of over 300% compared to the previous year. The main drivers of this strong growth are private households and commercial enterprises, but larger systems are also growing strongly. At the end of October 2023, for example, the country’s largest solar park to date was inaugurated in Ratesi with 155 MW and a forecast annual electricity yield of around 220 gigawatt hours (GWh). Romania also scores with 1,900 to 2,400 hours of sunshine per year.

Also see: Romania – R.Power expands PV projects

Backing is also coming from politicians. The Romanian government has announced an increase in the target for the expansion of photovoltaics to 8.3 GW by 2030 as part of the National Energy and Climate Plan, of which 2.5 GW is for roof systems and 5.8 GW for solar parks. Although this is still below the EU targets for the expansion of renewable energies, it is an important step. In addition, the approval procedures for solar parks with an area of less than 50 hectares and an output of up to 42 MW have been simplified, the grid connection procedures for solar installations up to 400 kilowatts (kW) have been streamlined and direct marketing options for surplus electricity for installations of this size have been expanded. An important challenge for the further growth of photovoltaics in Romania is also the expansion of the grid and its financing.

Revival of PV in the Czech Republic

The Czech Republic is also almost back in the GW club – after 13 years. New PV systems with a capacity of 970 MW were installed in 2023. The total installed PV capacity climbed to 3.5 GW. The Czech solar market thus grew by 236% compared to the previous year. More than 170,000 PV systems are now feeding electricity into the grid, including more than 150,000 on the roofs of single-family homes. The Czech Republic already experienced a solar boom in 2009 and 2010, with more than 2 GW added in both years.

The Czech solar market has been recovering since 2021: administrative barriers were removed, new subsidy programs were launched – and the energy crisis triggered by the Russian invasion of Ukraine increased demand for PV, especially in the building sector. Most PV systems were also installed on rooftops in 2023. This trend is expected to continue, but larger commercial solar roofs and solar parks are also increasingly being built. A further PV expansion of over 10 GW is forecast by 2030.

The PV market is also picking up in Slovakia

With a total installed capacity of just over 0.7 GW of PV, Slovakia is below the EU average. However, the solar market is also picking up there. PV installations amounted to 220 MW in 2023, primarily private and commercial rooftop systems. A newly launched subsidy program for the purchase and installation of PV systems also had an impact here. It is expected that 300 MW of new solar power systems will be installed in 2024.

One of the factors holding back the construction of solar parks in Slovakia is the high grid connection costs that operators have to bear. In a medium scenario, SolarPower Europe expects the installed PV capacity in Slovakia to climb to 2.6 GW by 20230. However, the National Climate and Energy Plan (NECP) only envisages a total solar power capacity of 1.4 GW in 2030.

Transparent grid access in Estonia

The solar market is also developing dynamically in the Baltic states, driven by the desire for greater energy independence. In 2023, Estonia surpassed the 1 GW mark for total installed PV generation capacity with 1.1 GW. The installed solar power output per capita in Latvia climbed from 601 watts (W/c) to 803 W/c. This put Latvia in 5th place in the European ranking, just behind Belgium (810 W/c) and ahead of Spain (748 W/c). Auctions for renewable energies have been in place since 2022 and several new solar parks in the double-digit MW range were put into operation last year.

The transparent design of grid access in Estonia is considered exemplary. The available capacities are displayed on the grid operator’s website in real time. In addition, the first tenders for large battery storage systems to stabilize the electricity grid were launched in 2023. According to the NECP, the installed PV capacity is set to increase to 1.2 GW by 2030. However, SolarPower Europe estimates much stronger growth to 4.8 GW by 2030 in a medium scenario.

Lithuania relies heavily on prosumers

PV systems with a cumulative capacity of 1.1 GW were also installed in Lithuania by the end of 2023. The country is also in the process of transforming its energy supply. By 2030, the country aims to cover 100% of its electricity demand from renewable sources and increase its installed PV capacity to 5.1 GW. There is a strong political focus on promoting prosumers, including in the commercial sector. From 2015 to 2023, around 80,000 prosumers were connected to the grid, with a combined PV capacity of 825 MW. In future, energy communities are also to be increasingly facilitated.

Also interesting: Lithuania – pilot projects with solar noise barriers

The conversion of the billing system from net metering to net billing is also currently being discussed in Lithuania. Energy storage systems for households are also to be increasingly promoted and expanded, as are large hybrid systems (PV or wind power with energy storage). The approval process for solar parks has been streamlined and the grid access procedure has been reorganized. One challenge, however, is the currently unclear application of feed-in curtailment for solar and wind parks to stabilize the grid.

High energy prices are driving PV in Latvia

Photovoltaics is still a tender plant in Latvia, but this could soon change. Just 300 MW of PV capacity was connected to the grid at the end of 2023 – but still three times as much as in the previous year. Due to high energy prices, low-cost photovoltaics are increasingly attracting the interest of investors in Latvia. The realization of the first larger solar parks with 400 MW and 155 MW was announced in 2023. The first floating PV system with an output of 2 MW was also completed in a sewage treatment plant. In any case, the latest European Market Outlook for Solar Power forcasts that photovoltaics will play an increasingly important role in achieving the government’s target of covering 50% of energy requirements from renewable sources by 2030. (hcn)





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By 2028, Eldrive will install and operate 7,400 new electric vehicle (EV) charging stations in addition to 900 it already operates, expanding the EV infrastructure currently available in those countries.

The EBRD will invest alongside Renalfa Solarpro Group, Eldrive’s owner, in the first phase of development. The European Investment Bank (EIB) is also providing a €40 million venture debt facility.

Pave the way for other EV infrastructure investments

This investment supports the European Union’s commitment to decarbonisation. With the transport sector responsible for 22 per cent of global CO2 emissions in 2022, EU countries are accelerating the rollout of clean electric mobility. The EU Green Deal’s objective is to reach one million public EV charging stations in the EU by 2025 and three million by 2030. Currently, central, southern and eastern European markets are lagging behind western European countries in the availability of EV charging stations.

Sue Barrett, EBRD Director for Infrastructure in Europe, the Middle East and Africa said: “This is the EBRD’s first equity investment in a charging point operator (CPO) and we are pleased to support Eldrive’s expansion plans in Bulgaria, Lithuania and Romania. We hope this investment will pave the way for many other EV infrastructure investments across the region and help speed up the decarbonisation of the transport sector in Europe.”

Align financing activities with the goals of the Paris Agreement

Stefan Spassov, Eldrive CEO, commented: “We are excited to welcome the EBRD as an equity investor in Eldrive. Being the first CPO to receive such an investment makes us proud and shows the potential and resilience of our business strategy and model. This is great recognition not only for Eldrive but for the whole European electric mobility sector.”
Eldrive is a leading regional EV CPO in Bulgaria, Lithuania and Romania, facilitating the acceleration of EV uptake and bolstering the decarbonisation of transport, critical at this early stage of market development.

Also interesting: E-car boom in Norway

Renalfa Solarpro Group, an existing client of the EBRD, is an Austrian-based clean energy and e-mobility investment group with a focus on renewable energy generation assets. The group currently has solar and windpower projects under construction and development with a total capacity of 3 GW in Bulgaria, Hungary, North Macedonia, Poland and Romania.

Also see: EBRD supports renewables in Romania and Moldova

The EBRD, a leader in climate finance in central and eastern Europe, Central Asia and the southern and eastern Mediterranean region, has aligned all its activities with the goals of the Paris Agreement and committed to making at least half of its annual investment volumes green by 2025, a goal the Bank has met for the past three years. (hcn)





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