BSTDB Backs Renewable Energy Expansion in Bulgaria and Romania with €40 Million Loan to Renalfa IPP
Joint €315 million international financing to accelerate clean energy investments
The Black Sea Trade and Development Bank (BSTDB) is providing up to €40 million loan to support the development, hybridization, and expansion of Renalfa IPP’s renewable energy assets in Bulgaria and Romania. The financing forms part of a broader €315 million financing package secured from leading development finance institutions and commercial banks, including the European Bank for Reconstruction and Development (EBRD), Kommunalkredit Austria AG, OTP Hungary, NLB Slovenia, and UniCredit BulBank.
The funds will enable Renalfa IPP to upgrade its portfolio of renewable energy and battery energy storage systems (BESS), contributing to the decarbonization of Bulgaria’s and Romania’s power systems. The project will help diversify the countries’ energy mix, enhance energy security, and accelerate their transition to low-carbon economies. The BSTDB financing will also help catalyze further private and public sector investments, generate employment during both the construction and operation phases, and create long-term value for local communities. The operation represents a major step forward in the region’s transition toward cleaner, more secure, and sustainable energy systems.
“This investment marks an important milestone in BSTDB’s efforts to support the clean energy transition in the Black Sea region,” said Dr. Serhat Köksal, BSTDB President. “By backing the development of solar, wind, and battery storage infrastructure in Bulgaria and Romania, we are strengthening the resilience and competitiveness of their electricity sectors. The operation will play a key role in addressing the countries’ growing energy demands, while also reducing carbon emissions and supporting their commitments to climate goals. Moreover, it aligns closely with BSTDB’s Climate Strategy and reinforces our commitment to financing sustainable infrastructure and regional growth.”
Ivo Prokopiev, CEO of Renalfa IPP, commented: “The successful raising of growth funding is an important milestone for Renalfa IPP and for our whole group. It proves the competitiveness of our integrated model for developing, investing and operating large hybrid assets. The early implementation of long duration co-located BESS allows Renalfa IPP to start offering green baseload products to market in CEE for the first time. We are proud, together with our partners from RGreen, to be on the frontier of energy transition not only in CEE, but in the whole EU.”
Renalfa IPP is a leading independent power producer based in Vienna, specializing in the development, construction, and operation of renewable energy projects across Central and Eastern Europe. As an established platform with strong business model capabilities, Renalfa IPP works across the full value chains from project origination to asset operation. The company focuses on solar, wind, and Battery Energy Storage Systems (BESS), supporting the region’s transition to a sustainable and low-carbon energy future. Renalfa IPP is a joint venture between Renalfa Solarpro Group and RGREEN INVEST.
Renalfa Solarpro Group is a Vienna based clean energy and e-mobility investment group with a focus on renewable energy generation assets. Renalfa Solarpro is an established platform with strong business model capabilities, working across the full solar PV, wind, and BESS value chains from project origination to asset operation.
RGREEN INVEST is an independent French mission-driven investment management company committed to helping investors channel their capital towards financing projects dedicated to accelerating the energy transition, mitigation, and adaptation to climate change.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.
Contact: Haroula Christodoulou
: @BSTDB
