The project is one of Europe's largest solar and storage complexes and is backed by EBRD and Raiffeisen Bank International with InvestEU guarantee support
TENEVO, Bulgaria, 30 September 2026 – Renalfa IPP and Eurowind Energy A/S today officially 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 plant with two co-located battery energy storage systems totalling 311 MW / 773 MWh. 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 EUR 50 million from EBRD and EUR 53 million from RBI for the PV part and a total of EUR 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 European Union’s InvestEU programme. The PV plant and first phase of BESS in Tenevo are operational since 2025.
Following Renalfa’s and Eurowind Energy’s strategy for maximizing the available grid connection by hybridization 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, 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 EUR 500 million.
"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." says Ivo Prokopiev, Founder and chief executive of Renalfa Solarpro Group.
"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“ said Jens Rasmussen, Founder and CEO of Eurowind Energy.
“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.” said Mark Bowman, EBRD Vice President, Policy and Partnerships.
“At Raiffeisen Bank International, 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 decarbonization 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 cooperation throughout this transaction,” said Rainer Schnabl, Board Member of Raiffeisen Bank International AG.
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.
The opening ceremony was attended by Ivo Prokopiev, Founder and CEO of Renalfa Solarpro Group, Jens Rasmussen, Founder and CEO of Eurowind Energy, Mark Bowman, Vice President, Policy & Partnerships EBRD, Georgios Gkiaouris, Acting Director Head of Energy Europe EBRD, Irene Öhlinger-Horacek, Head of Project & Corporate Finance, Raiffeisen Bank International AG, representatives of the local government, financial institutions, industry leaders, local communities and key stakeholders who have contributed to the successful development of this important project.
About Renalfa IPP
Renalfa IPP is a Vienna-based renewable energy developer and independent power producer. It is a joint venture between Renalfa Solarpro Group, a Vienna-based clean energy and e-mobility company, and French renewable energy infrastructure fund manager RGREEN INVEST. Renalfa IPP is one of the leading renewable energy investors and developers in Central and Eastern Europe. It has more than 806 MW of operational generation assets and over 1 GWh of energy storage in operation, with a further 1.1 GW of generation projects and more than 3.5 GWh of storage in final stages of construction and development. Renalfa IPP is active in Hungary, Romania, Bulgaria and North Macedonia.
About Eurowind Energy
Eurowind Energy A/S is a Danish renewable energy developer and independent power producer with more than 20 years of experience in developing, constructing, and operating renewable energy projects. Headquartered in Hobro, Denmark, the company is active in 15 markets and currently owns and operates 1.6 GW of renewable energy capacity. Eurowind Energy has a development portfolio of approximately 55 GW across wind, solar and other renewable energy technologies. Eurowind Energy’s shareholders include Danish energy and telecommunications group Norlys, which holds a 37.65% stake, and Blackstone Infrastructure, which holds 24.7%.
Media contact
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Malene Petersen
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