The European Bank for Reconstruction and Development is considering providing a 50-million-euro senior secured loan to photovoltaic project developer Tenevo Solar Technologies for the construction and operation of a 238 MWp plant in southeastern Bulgaria.

The project, worth 161.7 million euros, is expected to produce around 332 GWh of electricity per year, leading to CO2 savings of 250,000 tonnes per year, EBRD said in a project disclosure.

The financing is expected to be approved fully or partially under the EBRD InvestEU Framework for Sustainable Transition on June 12.

The project includes a long-term plan to add 50 MW of behind-the-meter energy storage capacity and will bolster the private sector presence in the renewable energy sector in Bulgaria, the EBRD added.

Tenevo Solar Technologies is a joint stock company established to construct and operate the 238 MWp solar power plant. The project is co-owned by Renalfa IPP, a joint venture between Austria-based Renalfa Solarpro Group and French infrastructure fund manager RGreen Invest, along with Danish renewables developer Eurowind Energy.