8. February 2024
UniCredit Bulbank supported a project for the construction of a solar power plant in Tsenovo

Sofia / Vienna, 08th Feb 2024

UniCredit Bulbank is the sole financial partner in the construction and operation of the large-scale Tsenovo Solar Plant in North-Eastern Bulgaria and the addition of 112.6 MW of new solar power generation capacity to the national electricity system.

The deal to provide a wide range of financial products, including large-scale financing, is backed by the European Bank for Reconstruction and Development (EBRD), which will guarantee up to €25 million of the long-term debt.

With the closing of the transaction, UniCredit Bulbank reaffirms its strong commitment to supporting sustainable development in the country. In 2023, the bank’s lending volumes for renewable energy projects will reach EUR 270 million. These include projects of various scales, both for own use and operating on a market basis.

The comprehensive financing deal for the construction and operation of the Tsenovo Solar Plant allows Bulgaria to advance its ambitious renewable energy targets, with the country committed to phase out coal-fired power generation by 2038 at the latest.

Once commissioned, Enery’s first greenfield photovoltaic project in Bulgaria will generate 180 GWh of renewable energy. A significant part of this amount will be disposed of on the regional market through direct and financial off-take solutions pioneered by the sector in Bulgaria.

The project is of a foreign investor – Enery. The company, headquartered in Vienna, manages a portfolio of renewable energy generation assets with more than 300 MW of operating plants in Central and Eastern Europe. Enery is backed by a significant ownership stake from the Three Seas Initiative investment fund.

About UniCredit

UniCredit Bulbank is one of the leading banks in Bulgaria and a member of UniCredit, a successful Pan-European commercial bank. At UniCredit Bulbank, we provide concrete financial solutions to the challenges and opportunities customers face in their everyday lives. We strive to be easy to work with and to create real benefits for customers and partners. As part of the leading European banking group UniCredit, we invest in innovation and in talented experts who make banking faster, more accessible, and more convenient – anytime, anywhere.

About EBRD

EBRD is a bank that promotes private sector development and entrepreneurial initiatives in 36 economies on three continents. The EBRD’s investments are focused on making the economies in its regions competitive, well-managed, green, and inclusive.

About Enery

Enery is an independent renewable energy provider dedicated to supplying its customers with reliable, affordable, long-term green energy. With a diversified green fleet currently generating almost 450 GWh of clean electricity from 312 MW and powering more than 185 000 households, Enery is at the forefront of driving the CEE region’s transition to sustainable energy. The company’s ambitious plans include ongoing development projects with more than 8 GW in 11 countries. With its diverse and multidisciplinary team of more than 25 nationalities, Enery is focusing on developing, constructing, and operating renewable energy projects by integrating environmental, social, and governance (ESG) factors into every aspect of day-to-day business.