Up to €103 million ($107.2 million), from the European Bank for Reconstruction and Development and Raiffeisen Bank International, will support the development of a fully-merchant, 237.6 MW solar project in southeastern Bulgaria. Contact online >>
Up to €103 million ($107.2 million), from the European Bank for Reconstruction and Development and Raiffeisen Bank International, will support the development of a fully-merchant, 237.6 MW solar project in southeastern Bulgaria.
Image: Sapviktor, Pixabay
A 237.6 MW solar plant to be built in southeastern Bulgaria has secured a €103 million ($107.2 million) finance packaging
The funding consists of €50 million from the European Bank for Reconstruction and Development (EBRD) and a parallel financing facility of €53 million from Austria''s Raiffeisen Bank International.
The investment has gone to Tenevo Solar Technologies EAD, a Bulgarian joint stock company equally owned by two partners: Vienna-based developer Renalfa IPP and Danish independent power producer Eurowind Energy.
Tenovo Solar Technologies will be responsible for building and operating the fully-merchant project, which will be the first renewable energy plant over 100 MW in Bulgaria to sell all its output in the market without a support scheme or a corporate power purchase agreement.
Once completed, it is forecast to generate over 300 GWh of electricity annually. In the long term, the project plans to add 250 MW of behind-the-meter energy storage on site.
EBRD''s contribution is supported by first loss risk cover deployed under its InvestEU Framework for Sustainable Transition, which aims to foster sustainable investment and convergence to EU norms, marking EBRD''s first use of the InvestEU guarantee in Bulgaria.
Last month, International Finance Corp and Raiffeisen Bank International signed a €90 million debt package to support the development of a 225 MW facility in northeastern Bulgaria.
According to figures from the International Renewable Energy Agency (IRENA), Bulgaria had deployed 2,937 MW of solar by the end of 2023. The country is aiming for renewables to make up 34.7% of its electricity consumption by 2030.
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As a new entrant to Europe''s solar "gigawatt club," Bulgaria''s PV sector is enjoying a long-awaited boom. However, numerous challenges cast a shadow over the country''s solar prospects, raising the question of whether it can keep the momentum going.
Developer Inercom has installed 400 MW of solar in Bulgaria using heterojunction modules over the last two years.
The Bulgarian grid operator says the nation urgently needs to expand its grid to accommodate planned renewables capacity. It is now holding meetings with potential investors.
Image: Mirey2222, Pixabay
Bulgaria‘s Electricity System Operator (ESO) revealed has accepted applications to build new renewable energy projects with an aggregate installed capacity of more than 24 GW.
It said the country''s installed generating capacity now exceeds 12 GW, and new projects require a significant expansion of its grid. It is also talking to investors about the necessary changes.
“The absolute limit of the electricity system has been reached, which requires urgent and adequate planning of the future expansion of the electricity transmission system,” it said. “ESO is currently holding a series of meetings with renewable energy investors to discuss joint, coordinated actions to meet the huge investor interest in building new renewable energy assets.”
Bulgaria could become one of the most dynamic solar markets in Europe in 2024, according to a recent report by SolarPower Europe. It said the country reached 1.1 GW of cumulative installed PV capacity at the end of 2020 and will reach 3.8 GW by 2024. Market uptake will mainly be supported by unsubsidized large-scale solar via power purchase agreements.
“The current support schemes for solar in Bulgaria focus on PPA and prosumers and there is no auction system for utility-scale PV,” the report said. “Introducing an auction system could provide incentives and unlock the immense solar potential in Bulgaria, one of the highest in Europe.”
Non-hydropower renewables make up around 2.3 GW of Bulgaria''s 12.4 GW power generating fleet, with lignite and hard coal-fired power stations supplying 4.5 GW, hydro 3.2 GW, nuclear 2 GW, and natural gas 600 MW.
More articles from Emiliano Bellini
"The absolute limit of the electricity system has been reached, which requires urgent and adequate planning of the future expansion of the electricity transmission system,"Why not just turn the elec into H2? By definition the Bulgarian transmission system has the capacity to carry elec to meet Bulgaria’s needs. If RES delivers an elec surplus – turn it into H2.
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