Following the investment, which is part of a €1.2 billion programme to expand renewable energy generation and storage capacity in Central and Eastern Europe, Renalfa expects to operate about 1.6 GW of generation assets and 3.3 GWh of co‑located battery storage in Bulgaria, Hungary, Romania and North Macedonia. Together the portfolio should produce 2.3 TWh of electricity annually. In 2024, Renalfa’s operational assets generated 426,990 MWh, avoiding an estimated 153,000 tonnes of CO₂ emissions. The integration of battery energy storage systems (BESS) will address intermittency and strengthen grid stability.
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Financing structure
The EBRD provided €100 million on its own account and mobilised another €100 million from commercial banks under an A/B loan structure. The transaction is the first to use the EU InvestEU guarantee under a hybrid model, enabling both the EBRD and syndicated lenders to share risks. The guarantee is intended to mitigate merchant risks in renewable power generation and large‑scale battery storage.
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Financing partners
Other participants include the Black Sea Trade and Development Bank, OTP Bank, Nova Ljubljanska Banka, UniCredit and Kommunalkredit. Kommunalkredit acted as sole financial adviser and joint global coordinator together with UniCredit. A&O Shearman advised the lenders, while Ashurst acted for Renalfa IPP.
Training in storage skills
The financing package also includes a commitment to support professional training. As part of the programme, the EBRD will expand training in battery storage skills for current and future professionals. Renalfa will additionally work with regional universities to encourage more women to enter careers in the energy sector.
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Company profile
Renalfa IPP is a joint venture between Vienna‑based Renalfa Solarpro Group and French infrastructure fund manager RGREEN INVEST. The company develops, builds and operates renewable energy projects across Central and Eastern Europe, with a focus on solar, wind and storage. (mg)
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