Financed ProjectsRenalfa IPP

Identification Code:

OP/25/0003

Total Operation Cost:

315.000.000

Maturity:

84 months

Operation Status:

Description and Purpose of the Operation:

Provision of financing to the holding company of the group - Renalfa IPP, with the purpose of the financing development, construction and operation of the portfolio of renewable and storage assets. The funds of the BSTDB loan will be used for the purpose of covering financing needs, related to Bulgarian and Romanian renewable energy generation and battery storage part of the Renalfa’s portfolio of companies. The investment is the next step for the Borrower’s transformation to become one of the largest and leading renewable energy producers in CEE.

Countries of Operation:

Bulgaria (64,21 %)
Romania (35,79 %)

Financial Product:

Loans

Sector:

Utilities

Domain:

Private

Borrower/Client:

Renalfa IPP GmBH - a Vienna based developer and independent power producer established as a JV between Renalfa Solarpro Group GmbH and the French infrastructure fund manager RGreen Invest.Renalfa IPP GmBH - a Vienna based developer and independent power producer established as a JV between Renalfa Solarpro Group GmbH and the French infrastructure fund manager RGreen Invest.

Co-Financiers/Participants:

BSTDB , EBRD , OTP Bank (Hungary) ; NLB Bank (Slovenia) ; Kommunalkredit Bank (Austria) ; Unicredit Bulbank (Bulgaria)

Guarantors/Sponsors:

• Kata Solar SPV – Hungary: operating with 23 MWp of solar and 33 MW/h of BESS storage • Investo Partners EAD – Razlog SPV – Bulgaria: operating with 33 MWp of solar and 110 MW/h of BESS storage • Vetrocom EODD - Vetrocom SPV – Bulgaria- operating with 73 MW of wind and 155 MW/h of BESS storage

Developmental and Regional Cooperation Impact:

The operation will further contribute to the developments of the local economies of Bulgaria and Romania, boost investment, create new employment and generate additional tax revenues for the State budgets. The operation will contribute to the green quality by adding over the years 2025 - 2027 in Bulgaria –l 60 MWp of solar, 137 MW of wind and 830 MW/h of BESS storage and in Romania –498 MWp solar and 1000 MH/h of the BESS storage. This is in addition to already operating: in Bulgaria 230 MWp of solar, 73 MW of wind and 265 MW/h of BESS storage. Provided the above, the operation is therefore expected to further contribute to the transition to low-carbon economies and the decarbonization of the electricity generation sectors as well as improve the environmental characteristics of the Bulgarian and Romanian power sectors by reducing emissions of CO2.

Environmental Classification and Impact (summary):

E&S Category B. The ESDD concludes that Renalfa’s corporate E&S management systems are comprehensive and aligned with MDB best practices. Its ESMS effectively covers key environmental, health, safety, and social aspects, supported by an experienced E&S team managed through a service agreement. The company’s existing systems and capacity are deemed sufficient to manage identified risks, with further mitigation outlined in a preliminary ESAP. Future projects, including PV and wind investments, will adhere to Renalfa’s ESMS and the Lenders’ E&S requirements, with any high-impact (Category A) projects subject to additional approval and public disclosure. Overall, Renalfa’s strong management framework and capacity position it to effectively address E&S risks associated with its investments

Operation Leader:

Energy & Infrastructure

E-mail:

ei@bstdb.org