The Bulgarian group Eura Energy, through its special purpose subsidiary Tenevo Solar Technologies, has secured €103m in financing for the development of its 238 MW Tenovo solar power project located in Yambol, central Bulgaria. The European Bank for Reconstruction and Development (EBRD) will finance up to €50m for the project, while Raiffeisen Bank International will finance up to €53m. This is the first use of the InvestEU guarantee by the EBRD in Bulgaria. Once completed, the fully merchant solar project is expected to generate more than 300 GWh/year and offset emissions by 250 ktCO2/year.
Bulgaria's new strategy for 2053 (2023) set targets for renewables by 2030 and 2050: solar (+7 GW by 2030 and 12 GW by 2050), wind (+2 GW by 2030 and 4 GW by 2050), hydropower (+0.9 GW by 2030 and 1.3 GW by 2050), storage (+1 GW of pumped-storage by 2035, +600 MW of battery storage by 2030 and 1.5 GW of seasonal storage by 2050).
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