Renalfa IPP and Eurowind Energy A/S have inaugurated the Tenevo hybrid renewable energy complex in south-eastern Bulgaria, one of the largest hybrid renewable energy platforms in Europe.
The complex combines a 242 MWp solar photovoltaic (PV) plant with two co-located battery energy storage systems (BESS) totalling 311 MW/773 MWh. The Tenevo complex is expected to generate approximately 332 GWh of clean electricity a year. Solarpro Holding acted as EPC contractor and project manager for the complex.
The Tenevo complex is financed by European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International AG (RBI) with €50 million from EBRD and €53 million from RBI for the PV part and a total of €60 million for the second phase of the BESS, to be signed shortly. The project is among the first in Bulgaria to benefit from a guarantee under the EU’s InvestEU programme. The PV plant and first phase of BESS in Tenevo have been operational since 2025.
Following Renalfa and Eurowind Energy’s strategy for maximising the available grid connection by hybridisation of generating assets, the Tenevo complex is designed to strengthen grid resilience, enable higher shares of renewable energy in Bulgaria’s power system, and deliver reliable, flexible, and market-oriented clean power. The platform is set to expand further, with planned wind phases of more than 250 MW. Across all phases, total investment in Tenevo is expected to exceed €500 million.
Ivo Prokopiev, Founder and CEO of Renalfa Solarpro Group, commented: “Tenevo complex is the first showcase in Europe of dispatchable renewable asset of that scale. Eastern Europe at the moment is changing the traditional energy transition playbook for investing and structuring of renewable projects. We are thankful to our financing partners EBRD and RBI for being open to support such innovative business models.”
Jens Rasmussen, Founder and CEO of Eurowind Energy, added: “Tenevo hybrid park is a strong example of what we can achieve when ambitious and committed developers join forces. Together, we have created one of the largest hybrid energy projects in Europe – but our ambitions do not stop here. Our plans to add wind power to the park underline the potential we see in Bulgaria and our commitment to further developing renewable energy in the country. We are ready to take the next step.”
Mark Bowman, EBRD Vice President, Policy and Partnerships, noted: “Tenevo shows what the next stage of the energy transition looks like: combining solar generation with battery storage to strengthen system resilience and integrate more renewable power. We are proud to support this landmark project, which demonstrates how policy ambition and strong partnerships can mobilise private investment and turn ambition into delivery in Bulgaria and across South-Eastern Europe.”
Rainer Schnabl, Board Member of RBI, concluded: “At RBI, we are committed to supporting the energy transition across our home markets in Central and South-Eastern Europe. The Tenevo hybrid park is a landmark project that demonstrates how ambitious decarbonisation objectives can be translated into large scale, commercially viable infrastructure. We are proud to support this visionary project through our long-term financing commitment and to contribute to strengthening the region’s sustainable energy infrastructure. We would like to thank Renalfa and Eurowind Energy for their trust and excellent co-operation throughout this transaction.”
Located in south-eastern Bulgaria, next to a coal region undergoing transition, Tenevo also carries wider significance for Bulgaria’s just transition agenda and the region’s economic transformation.
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