The European Bank for Reconstruction and Development (EBRD) has approved a EUR70m (USD82m) loan to Renalfa IPP, to finance the development, construction and operation of a 450 MW solar PV portfolio and co-located 250 MW/1 GWh battery energy storage systems (BESS) in northeastern Hungary.
The current project is part of a EUR210m (USD247m) financing package alongside commercial banks. Once operational, the project will deliver around 448 GWh of renewable electricity, supporting Hungary’s goal to have 30% of its gross final energy consumption generated from renewable sources by 2030.
Since the start of its operations in Hungary, the EBRD has invested more than EUR3.7bn (USD4.3bn) in the country across 220 projects.
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