EBRD finances landmark solar and battery project in Hungary
The European Bank for Reconstruction and Development (EBRD) is supporting Hungary’s energy security by providing a €70 million loan to special purpose vehicles owned by Renalfa IPP, an independent power producer active across Central and Eastern Europe.
The EBRD’s investment, provided as part of a €210 million financing package alongside commercial banks, will finance the development, construction and operation of a 450 MW solar photo-voltaic (PV) portfolio and co-located 250 MW/1 GWh battery energy storage systems (BESS) in northeastern Hungary.
This groundbreaking transaction represents one of the first instances of project financing for a utility-scale hybrid renewable asset in Central and Eastern Europe.
The project is among the largest renewable energy developments undertaken in Hungary. Once operational, the project will deliver around 448 GWh of renewable electricity, supporting Hungary’s goal to have 30 per cent of its gross final energy consumption generated from renewable sources by 2030.
The project will sell all of the electricity produced by the solar parks in the Hungarian market without a support scheme or a corporate power purchase agreement, sending a strong signal regarding the long term viability of private renewable energy investments in Hungary and reinforcing confidence in market based solutions for clean energy deployment.
Meanwhile, by integrating utility scale battery storage with solar PV generation, the project will help address intermittency challenges, enhance grid flexibility and improve energy security in a market facing increasing volatility.
"We are thankful to EBRD for its continuous support for our innovative business models and cutting-edge technologies. When operational later this year, this large hybrid asset will allow us to offer green baseload products to Hungarian electricity market and a number of flexibility services to the grid," said Ivo Prokopiev, CEO of Renalfa IPP.
Anca Ionescu, EBRD Regional Head Hungary, Slovakia and Czech Republic, commented: “This investment marks an important milestone for the EBRD in Hungary, as it is our first energy project in the country since 2010. Returning to the Hungarian energy sector with such a large‑scale and innovative project underlines the Bank’s renewed commitment to supporting the green transition and strengthening energy security in the country.”
Grzegorz Zielinski, EBRD Director, Head of Energy Europe, added: “We are very pleased to support our long‑standing client, Renalfa IPP, with another groundbreaking project in Hungary. By combining large‑scale solar generation with battery storage, this investment will play a key role in strengthening Hungary’s energy system, enhancing security of supply and setting an important precedent for the wider Central and Eastern Europe region.”
Renalfa IPP, a joint venture between Renalfa Solarpro Group and French infrastructure fund manager RGREEN INVEST, is an experienced regional independent power producer active across Central and Eastern Europe.
The investment is fully aligned with the EBRD’s strategy in Hungary to support energy security and green transition.
Since the start of its operations in Hungary, the EBRD has invested more than €3.7 billion in the country across 220 projects.
Other News
Kazakhstan announces just energy transition investment platform
23.04.2026.16:59
Kazakhstan has today, at the Regional Ecological Summit 2026 in Astana, announced its just energy transition investment platform (QaJET), as part of its climate, economic resilience and development goals.
QaJET reflects the country’s ambition to advance clean energy transition by deploying 10 GW of new renewable capacity by 2035. This will entail around US$ 20 billion (€17.4 billion) of investment from a range of private and state sources, and will lead to the reduction of greenhouse gas (GHG) emissions by more than 20 million tonnes a year. This represents approximately 7 per cent of the country’s energy-related GHG emissions.
A memorandum of understanding (MoU) was signed by Kazakhstan’s Minister of Energy Yerlan Akkenzhenov, Minister of Ecology and Natural Resources Yerlan Nyssanbayev, and EBRD Managing Director, Central Asia and Mongolia, Hüseyin Özhan. The MoU establishes the foundation for cooperation with international financial institutions, donors, philanthropic organisations and private investors supporting QaJET’s implementation.
This is a significant milestone for Kazakhstan, which has a carbon-intensive heavy industry and relies significantly on coal for electricity generation. At the request of the government of Kazakhstan, the EBRD has been helping the ministries to develop the concept of QaJET and will continue to lead the coordination of its implementation with national and international partners.
QaJET reinforces Kazakhstan’s existing commitment to achieving carbon neutrality by 2060 and, as set out in its Nationally Determined Contribution, to reducing its net GHG emissions by up to 25 per cent by 2030 compared to 1990 levels.
In addition, the QaJET platform will contribute to greater energy security for the country, improve economic competitiveness and resilience, and stimulate the local production of technologically advanced renewable energy components and related services.
Areas of cooperation under QaJET will include:
The EBRD will draw on lessons learned from previous EBRD-supported country platforms, such as Egypt’s Nexus for Water, Food and Energy (NWFE) – Energy Pillar, the North Macedonia Just Energy Transition Investment Platform (JETIP), and the Türkiye Industrial Decarbonisation Investment Platform (TIDIP).
The EBRD has invested almost US$ 12 billion (€10.2 billion) in Kazakhstan to date through 345 projects, making the country the largest and longest‑running recipient of EBRD investment in Central Asia.
