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Vienna-based independent power producer Renalfa IPP has closed a landmark €315 million Holdco Financing led by the European Bank for Reconstruction and Development (EBRD), with support from a consortium of EU-backed lenders. The funding will drive a €1.2 billion investment programme aimed at deploying 1.6 GW of renewable generation capacity and 3.3 GWh of co-located battery energy storage systems (BESS) across Bulgaria, Hungary, Romania, and North Macedonia.
Once operational, Renalfa’s portfolio will deliver approximately 2.3 TWh of green electricity annually, enough to power 920,000 households, while BESS integration will enhance grid stability and address intermittency challenges.
The EBRD contributed €100 million directly and mobilized an additional €100 million through an A/B loan structure, backed by the EU’s InvestEU first-loss guarantee—a first for the EBRD in syndicated B loans. This mechanism mitigates risks associated with merchant-based renewable generation and innovative storage technologies.
Other participating lenders include:
- Black Sea Trade and Development Bank (BSTDB)
- OTP Bank
- Nova Ljubljanska Banka (NLB)
- UniCredit
- Kommunalkredit, which also served as Sole Financial Advisor and Joint Global Coordinator alongside UniCredit.
The financing package includes a skills development programme for BESS technologies and a gender outreach campaign to attract women to careers in energy, supported by the InvestEU Advisory Hub.
Renalfa IPP is a joint venture between Renalfa Solarpro Group and RGREEN INVEST, known for its integrated model across solar, wind, and storage assets. CEO Ivo Prokopiev highlighted the company’s ability to offer green baseload products for the first time in the region. RGREEN INVEST Partner Mathilde Ketoff reaffirmed long-term equity support for the venture.
EBRD Vice President Matteo Patrone called the transaction “a landmark” for regional energy security and decarbonisation, while Kommunalkredit’s Christian Beynio praised Renalfa’s visionary leadership in the renewable sector.
You can read the full announcement on the EBRD’s official website.
