Renalfa IPP, a renewable energy independent power producer, closed €315 million (~$369.95 million) Holdco financing from a consortium of lenders, including the European Bank for Reconstruction and Development (EBRD). The funding will accelerate Renalfa IPP’s green energy transition in Central and Eastern Europe.
The financing will support a €1.2 billion (~$1.4 billion) investment program for the company’s portfolio. With this transaction, Renalfa IPP aims to bring online around 1.6 GW of generation projects and 3.3 GWh of co-located battery energy storage systems across Bulgaria, Hungary, Romania, and North Macedonia.
Once completed, the projects are estimated to produce about 2.3 TWh of clean electricity per year, while integrated battery storage systems ensure continued supply and grid stability during overcoming intermittency challenges.
The European Bank for Reconstruction and Development led the consortium, providing €100 million (~$117.44 million) on its account and an additional €100 million (~$117.44 million) from commercial participants under an A/B loan structure.
The Black Sea Trade and Development Bank, OTP Bank, Nova Ljubljanska Banka, UniCredit, and Kommunalkredit were among the other lenders in the consortium.
A&O Shearman acted as the legal advisor to the lenders, while Ashurst served as the legal counsel for Renalfa IPP on the transaction.
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 INVEST, to be at the forefront of energy transition not only in CEE, but in the whole EU.”
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
Earlier this month, Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, along with its development partner Enso Energy, announced the financial closing of £200 million (~$269.21 million) for a portfolio of solar and battery storage projects in the U.K.
