The European Bank for Reconstruction and Development (EBRD) has initiated a risk-sharing framework, guaranteeing up to €25 million for a loan extended by UniCredit Bulbank to the Tsenovo solar plant in Bulgaria.
This financing will facilitate the construction and operation of a significant solar plant in north-eastern Bulgaria, adding 112.5 MW of new solar generation capacity to the national electricity system.
Spearheaded by Enery Development, a Vienna-based renewable energy infrastructure company with a portfolio of 273 MW of operational renewable energy plants across central and eastern Europe, the Tsenovo solar plant is supported by the Three Seas Initiative Investment Fund.
The transaction is pivotal in Bulgaria’s pursuit of ambitious renewable energy targets, including the phasing out of coal-fired generation by 2038.
Aligned with its 2020-25 strategy for Bulgaria, the EBRD reaffirms its commitment to fostering sustainable infrastructure development, focusing on regional connectivity, green municipal solutions, decarbonisation, and resource efficiency. By increasing the share of renewable energy generation, this project contributes significantly to Bulgaria’s decarbonisation efforts.
Notably, this transaction marks the first greenfield renewable project financed under the EBRD’s risk-sharing framework, showcasing innovative financing structures aimed at assisting partner banks facing capital and liquidity constraints.
As a leading institutional investor in Bulgaria, the EBRD has invested a cumulative total of €4.5 billion across 292 projects in the country. Its focus remains on enhancing private sector competitiveness, strengthening the financial sector, and addressing infrastructure needs.
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