The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International (RBI) are providing a combined €60 million to finance a 246 MW / 512.5 MWh battery energy storage system (BESS) at Tenevo in south-eastern Bulgaria.
The financing comprises a €30 million loan from the EBRD and €30 million in parallel funding from RBI. The project is being developed by Tenevo Solar Technologies and will be co-located with an existing 242 MWp solar photovoltaic plant and a 65 MW / 260 MWh battery installation.
The new facility will expand storage capacity at the site, allowing more electricity to be stored and dispatched when required. The EBRD said the additional capacity would support grid stability and the integration of renewable generation into Bulgaria’s electricity system.
The existing solar plant was also financed by the EBRD and RBI. The EBRD previously provided €50 million towards its construction and operation, with first-loss risk cover under the EU-backed InvestEU framework.
The financing comes as Bulgaria expands its battery storage fleet. The EBRD cites estimates of more than 6.2 GW of installed or planned storage power capacity and 19 GWh of energy capacity in the country, reflecting rapid growth in the sector. This expansion is part of a wider European trend, with major battery investment in Germany also targeting greater grid flexibility and renewable integration.
Manuela Naessl, EBRD head of Bulgaria, said the project would increase system flexibility and support the integration of further renewable energy.
The EBRD has invested almost €5.3 billion in Bulgaria through 330 projects, with a focus on private-sector development and the green economy.
