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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This is the next step in the country’s ambitious plans to scale up the share of renewables in its energy mix. EBRD (European Bank for Reconstruction and Development) support for the design and implementation of the scheme is funded by Spain and the European Union Technical Support Instrument, managed by DG REFORM.

“Romania’s ambition to develop its renewable energy sector is fully aligned with the EBRD’s strategy in the country. We are looking forward to support further the Ministry of Energy and contribute to scaling-up private sector investments in the sector,” said EBRD Head of Romania Victoria Zinchuk.

First wave of 5 GW projects

The two-way CfD scheme incentivises investments in renewable energy by providing revenue stability to developers and strengthening the market integration of renewables.
The financing of the CfD mechanism is ensured by funds secured from the European Union Modernisation Fund. This covers a first wave of projects for a total of 5 GW, split into this year’s 1.5 GW auction and a second one for 3.5 GW in 2025.

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

The CfD mechanism brings Romania closer to its ambitious long-term decarbonisation targets. Investment in renewable energy is critical for reaching the climate commitments outlined in the country’s National Energy and Climate Plan, under which a target of 34 per cent of renewable energy in gross final energy consumption by 2030 is set up. Romania’s new draft energy strategy aims for 44 per cent of gross final energy consumption from low-carbon sources by 2035.

Strong support from EBRD for cleaner energy

The EBRD, a leader in climate finance, has supported the implementation of renewable energy auctions across its countries of operations.

The EBRD’s strategic priority on the energy sector is to helps its countries scale up renewable energy through financing instruments and technical assistance to develop supportive policy frameworks that, together with well-designed competitive auctions, are conducive to private sector investment.

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

In Romania, the Bank is fully supporting the country’s move towards cleaner energy. Since the beginning of this year, the EBRD has financed nearly 1GW of renewable capacity across six projects. These investments, amounting to over €180 million from EBRD funds, have further mobilised almost €1 billion of private and public finance. 
Overall, the EBRD has invested more than €11.3 billion in 549 projects in Romania to date. (hcn)





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This is the next step in the country’s ambitious plans to scale up the share of renewables in its energy mix. EBRD (European Bank for Reconstruction and Development) support for the design and implementation of the scheme is funded by Spain and the European Union Technical Support Instrument, managed by DG REFORM.

“Romania’s ambition to develop its renewable energy sector is fully aligned with the EBRD’s strategy in the country. We are looking forward to support further the Ministry of Energy and contribute to scaling-up private sector investments in the sector,” said EBRD Head of Romania Victoria Zinchuk.

First wave of 5 GW projects

The two-way CfD scheme incentivises investments in renewable energy by providing revenue stability to developers and strengthening the market integration of renewables.
The financing of the CfD mechanism is ensured by funds secured from the European Union Modernisation Fund. This covers a first wave of projects for a total of 5 GW, split into this year’s 1.5 GW auction and a second one for 3.5 GW in 2025.

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

The CfD mechanism brings Romania closer to its ambitious long-term decarbonisation targets. Investment in renewable energy is critical for reaching the climate commitments outlined in the country’s National Energy and Climate Plan, under which a target of 34 per cent of renewable energy in gross final energy consumption by 2030 is set up. Romania’s new draft energy strategy aims for 44 per cent of gross final energy consumption from low-carbon sources by 2035.

Strong support from EBRD for cleaner energy

The EBRD, a leader in climate finance, has supported the implementation of renewable energy auctions across its countries of operations.

The EBRD’s strategic priority on the energy sector is to helps its countries scale up renewable energy through financing instruments and technical assistance to develop supportive policy frameworks that, together with well-designed competitive auctions, are conducive to private sector investment.

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

In Romania, the Bank is fully supporting the country’s move towards cleaner energy. Since the beginning of this year, the EBRD has financed nearly 1GW of renewable capacity across six projects. These investments, amounting to over €180 million from EBRD funds, have further mobilised almost €1 billion of private and public finance. 
Overall, the EBRD has invested more than €11.3 billion in 549 projects in Romania to date. (hcn)





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The EBRD bought 11 per cent of shares offered at the initial public offering (IPO) of Premier Energy, a company incorporated in Cyprus, following an investment of RON 77 million (€15.5 million). The shares will be listed on the Bucharest Stock Exchange. The EBRD investment is expected to represent just over three per cent of the company post-IPO. The transaction supports both Romania’s and the EBRD’s green targets.

Proceeds from the EBRD’s participation in the IPO will be allocated towards building new renewable energy capacity primarily in Romania, and the project pipeline is estimated to result in more than 168,000 tonnes annual carbon dioxide emissions reductions.

The EBRD, a leader in climate finance, is committed to supporting Romania’s and the company’s green energy transition.

EBRD participation attracting other investors

EBRD participation was important for the success of the IPO, anchoring the issuance and attracting other investors. The EBRD will support the client in taking climate action, moving along a low carbon transition pathway, and making corporate governance improvements. Premier will also improve its standards for promoting gender equality.

Grzegorz Zielinski, Director, Energy Europe at the EBRD, said: “We are excited to partner with Premier Energy and support its renewables growth journey. Premier Energy’s green energy transition strategy aligns perfectly with the EBRD’s priorities in the region.”

Also interesting: New era for PV dawning in Eastern Europe

Tamas Nagy, Director, Co-head Private Equity at the EBRD, said: “The EBRD is proud to expand its cooperation with Premier Energy by becoming a shareholder. In the run up to the IPO, we have successfully partnered with Premier Energy to further strengthen its ESG and climate practices and in setting ambitious targets. We look forward to supporting the company in becoming a key regional green energy player.”

Also see: 172 MW solar park developed in Southern Romania

Jose Garza, Premier Energy CEO added: “We are pleased to welcome the EBRD as a shareholder in Premier Energy. This investment further strengthens our long-standing collaboration and underscores the importance of our shared commitment to renewable energy and sustainability in both Moldova and Romania. With the EBRD’s investment, we are well-positioned to expand our renewable energy capacity and drive significant reductions in carbon emissions. This partnership reflects our dedication to achieving long-term growth and making a positive environmental impact.”

525 projects in Romania – 173  projects in Moldova

Petr Stohr, Premier Energy CFO, said “The participation of the EBRD in our IPO was important for its success, and we thank them for their trust. Their investment and support will enable us to accelerate our renewable energy generation projects within our vertically integrated platform which includes market-leading renewable energy forecasting, balancing and dispatching capabilities alongside serving approximately 2.4 million customers, in both Moldova and Romania, significantly contributing to a sustainable energy future and reducing the carbon footprint in the region. We believe that strong partnerships are essential for business growth, and we are proud to have the EBRD on our side, helping us achieve our strategic goals.”

The EBRD has to date invested almost €11 billion in 525 projects in Romania, and more than €2.3 billion in 173 projects in Moldova. (hcn)





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The European Bank for Reconstruction and Development (EBRD) is providing a sovereign-guaranteed loan of up to €28 million to Crnogorski Elektroprenosni Sistem (CGES) for the upgrade of the electrical substation Brezna in north-western Montenegro.

The project is highly significant as it will allow to integrate 400 MW of renewable energy into the national grid, thereby helping the country to decarbonise its economy. Moreover, it will reduce transmission losses by 13 GWh/year and secure a safe and reliable electricity supply in Montenegro as well as in the region by further strengthening the Trans-Balkan corridor which connects countries in the region to Italy and the EU.

Bring the facility`s capacity up to 400/110 kV

The works involve installing two power transformers and connecting them to the national transmission network via the new Lastva – Pljevlja transmission line.
The new transformers will bring the facility’s capacity up to 400/110 kV and means that a large number of renewable energy power plants can be connected with the Brezna substation, presently in the preliminary stages of development by private entities.

Also see: More PV and wind to save Balkan rivers

The Brezna substation is an important part of the Montenegrin electric transmission system as it connects the 400 kV Cevo – Pljevlja 2 transmission line with the country’s existing power grid to form a 400 kV ring. It also lays the groundwork for a prospective power link to Sarajevo, an initiative supported by the EBRD that is in the preliminary planning stages.

Reform of the electricity market – level playing field for renewables

The European Union is providing a technical assistance grant of €1.05 million from the Western Balkans Investment Framework (WBIF) to develop the feasibility study, an environmental and social impact assessment, and the preliminary design. The EBRD’s Shareholder Special Fund has contributed €90,000.

As part of the project the EBRD and the EU will provide capacity building opportunities and create guidelines where needed so that the regulators and other key local stakeholders can work effectively with CGES in making the electricity market in Montenegro a level playing field for renewable energy.

Also interesting: EBRD supports renewables in Romania and Moldova

The EBRD is also helping CGES obtain a WBIF investment grant for this project. A decision is expected in December. Since the EBRD began operations in Montenegro in 2007 it has invested €846 million in 88 projects. The Bank’s priority for the country is to support private sector competitiveness, the green transition and further integration into regional and global markets. (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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