The European Bank for Reconstruction and Development (EBRD) is supporting Hungary’s energy security and green transition with a €70 million loan for a major hybrid renewable energy project, according to the institution.
The financing forms part of a €210 million package alongside commercial banks and will support special purpose vehicles owned by Renalfa IPP, an independent power producer active across Central and Eastern Europe. The investment will fund the development, construction and operation of a 450 MW solar photovoltaic (PV) portfolio combined with a co-located 250 MW / 1 GWh battery energy storage system (BESS) in northeastern Hungary.
According to the EBRD, the transaction represents one of the first examples of project financing for a utility-scale hybrid renewable asset in Central and Eastern Europe.
The project is among the largest renewable energy developments in Hungary and is expected to generate around 448 GWh of electricity once operational. This output will contribute to the country’s target of reaching 30% of gross final energy consumption from renewable sources by 2030.
The electricity produced by the solar parks will be sold on the Hungarian market without a support scheme or a corporate power purchase agreement, a structure that, according to the EBRD, signals the long-term viability of private renewable investments and reinforces confidence in market-based mechanisms for clean energy deployment.
The integration of large-scale battery storage with solar PV generation is expected to address intermittency challenges, improve grid flexibility and enhance energy security in a market facing increasing volatility, the bank said.
Ivo Prokopiev, CEO of Renalfa IPP, stated that the project will enable the company to offer green baseload products and flexibility services to the Hungarian electricity market once operational later this year.
Anca Ionescu, EBRD Regional Head for Hungary, Slovakia and the Czech Republic, highlighted that this marks the bank’s first energy project in Hungary since 2010, underlining a renewed commitment to the country’s energy sector and its green transition.
Grzegorz Zielinski, EBRD Director and Head of Energy Europe, added that the project sets an important precedent for hybrid renewable developments in Central and Eastern Europe, while strengthening Hungary’s energy system and security of supply.
Renalfa IPP is a joint venture between Renalfa Solarpro Group and French infrastructure fund manager RGREEN INVEST. The project aligns with the EBRD’s strategy in Hungary, where the bank has invested more than €3.7 billion across 220 projects since it began operations.
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