It has raised €315 million in capital to develop its very ambitious investment program. This program, worth €1.2 billion, is largely intended to drive forward renewable energy projects throughout Central and Eastern Europe. Major breakthroughs This funding will kickstart 1.6 gigawatts (GW) of new innovative generation assets in Bulgaria, Hungary, Romania and North Macedonia. It will additionally fund the deployment of 3.3 gigawatt-hours (GWh) of co-located battery energy storage systems (BESS) in these countries. The initiative promises to contribute significantly to the region’s green energy transition, producing approximately 2.3 terawatt-hours (TWh) of green electricity annually, sufficient to power around 920,000 households.
Renalfa’s investment programme, financed by the InvestEU programme, is helping lay the foundations for sustainable economic growth. It’s intended to create more than €372 billion in extra investments all over Europe from 2021 to 2027. The European Bank for Reconstruction and Development (EBRD) expects to leverage €777 million in InvestEU guarantees. This great strategic move will boost investments by a whopping €2.7 billion in eligible sectors between 2022 and 2027.
Collaboration and Community Engagement
Beyond its infrastructure investments, Renalfa is dedicated to social responsibility and education. To help with the transition, the company is partnering with area universities. Combined, the two will kickstart an awareness campaign to motivate more women to build careers in the energy industry. Renalfa is committed to advancing a more sustainable energy future. This collective effort to build the pipeline of talent within our industry makes movement toward diversity and inclusion.
Ivo Prokopiev, CEO of Renalfa IPP, speaking on a recent call, highlighted the importance of this growth funding.
“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.” – Ivo Prokopiev
Strategic Partnerships
Renalfa IPP has also entered other strategic partnerships to strengthen the impact of its investment program. Kommunalkredit acted as the exclusive financial advisor and, together with UniCredit, joint global coordinator for this financing round. Legal advice was provided by Allen & Overy Shearman & Sterling to the lenders, and by Ashurst to Renalfa IPP.
Matteo Patrone, EBRD’s regional deputy director for the Caucasus, said on the wider significance of this particular transaction.
“This is a landmark transaction, which will accelerate the much-needed deployment of renewable energy, reduce reliance on fossil fuels and strengthen energy security in a region still heavily dependent on carbon-intensive sources.” – Matteo Patrone
Innovations in Energy Production
Renalfa IPP is incorporating long-duration co-located BESS. With this cutting-edge technology, they expect to provide green baseload products to the regional Central and Eastern European markets for the first time. This groundbreaking approach increases the dependability of renewable energy delivery. This not only benefits the residents in Renalfa, but it puts Renalfa at the cutting edge of the region’s energy transition.
The combination of substantial investment, community engagement, and innovative energy solutions underscores Renalfa’s commitment to transforming the energy landscape in Central and Eastern Europe.