Under its risk-sharing framework, the European Bank for Reconstruction and Development (EBRD) will guarantee up to 25 million euros for a loan provided by UniCredit Bulbank to the Tsenovo solar plant in Bulgaria.
The proceeds of the loan will enable the construction and operation of the large-scale solar plant in north-eastern Bulgaria and the addition to the national electricity system of 112.5 megawatts (MW) of new solar generation capacity.
Tsenovo solar plant is sponsored by Enery Development, a Vienna-based renewable energy infrastructure company with 273 MW of operational renewable energy plants across central and eastern Europe. Enery is supported by the Three Seas Initiative Investment Fund.
The transaction allows Bulgaria to progress towards its ambitious renewable energy targets, which include the country’s commitment to phasing out coal-fired generation by 2038.