Renalfa IPP, a prominent independent power producer specialising in renewable energy, has successfully closed a landmark €315 million HoldCo Financing deal with a consortium of banks led by the European Bank for Reconstruction and Development (EBRD). This financing package aims to accelerate the green energy transition across Central and Eastern Europe.

Over €1 billion investment programme to expand renewable capacity

The funding will underpin a €1.2 billion investment programme for Renalfa’s renewable portfolio. Upon completion, approximately 1.6 GW of generation capacity alongside around 3.3 GWh of co-located Battery Energy Storage Systems (BESS) will be operational across Bulgaria, Hungary, Romania, and North Macedonia. This infrastructure is expected to generate roughly 2.3 TWh of green electricity annually, sufficient to power 920,000 households. The inclusion of BESS technology is crucial to mitigating the intermittency of renewable energy sources and enhancing grid stability.

The financing consortium was spearheaded by the EBRD, which committed €100 million directly and mobilised an additional €100 million from commercial lenders via an A/B loan structure. Notably, the EBRD utilised InvestEU’s first loss guarantee for the first time under a hybrid model, enabling both the bank and participating lenders to benefit from EU risk-sharing. This innovative approach addresses market risks linked to merchant renewable power generation and emerging storage technologies.

Supporting skills development and gender diversity in energy

Beyond financing, the EBRD will support a training initiative focused on BESS-related skills, targeting both current employees and future professionals in the region. Renalfa IPP will collaborate with local universities to launch an outreach campaign encouraging women to pursue careers within the energy sector.

Other members of the lending club include Black Sea Trade and Development Bank (BSTDB), OTP Bank (OTP), Nova Ljubljanska Banka (NLB), UniCredit, and Kommunalkredit. Kommunalkredit served as Sole Financial Advisor to Renalfa IPP and jointly coordinated the global financing alongside UniCredit. Legal counsel was provided by A&O Shearman for the lenders and Ashurst for Renalfa IPP.

Renalfa IPP, a joint venture between Renalfa Solarpro Group and French infrastructure fund manager RGREEN INVEST, is a key player in the renewable energy landscape of Central and Eastern Europe. The company is recognised for its pioneering development of solar, wind, and energy storage assets, advancing the region’s energy transition with a strong focus on security and decarbonisation.

Ivo Prokopiev, CEO of Renalfa IPP, said: "The successful raising of growth funding is a significant milestone for Renalfa IPP and our wider group. It demonstrates the competitiveness of our integrated model for developing, investing in, and operating large hybrid assets. Early implementation of long-duration co-located BESS allows us to offer green baseload products to the Central and Eastern European market for the first time. Together with RGREEN INVEST, we are proud to lead the energy transition not only in CEE but across the entire EU."

For his part, Matteo Patrone, Vice President of Banking at the EBRD, added: "This landmark transaction will accelerate the deployment of renewable energy, reduce dependence on fossil fuels, and enhance energy security in a region still heavily reliant on carbon-intensive sources. We are proud to support this deal and to leverage the InvestEU guarantee to mobilise private sector investment for a meaningful regional impact."

Finally, Mathilde Ketoff, Partner at RGREEN INVEST, added: “At RGREEN INVEST, we are incredibly proud to support this landmark financing and to deepen our partnership with Renalfa. Renalfa IPP's pioneering spirit, invaluable expertise and established leadership is key to drive the energy transition across Central and Eastern Europe. Our strong belief in this collaboration, which began in 2022, is further solidified by our decision to reinject equity into our venture. We are looking forward to working even more closely together with Ivo and his team over the long term.”