Renalfa IPP

What Renalfa IPP does

Renalfa IPP is a Vienna-based independent power producer (IPP) and renewable energy developer established in October 2022 as a joint venture between Renalfa Solarpro Group GmbH and French infrastructure fund manager RGREEN INVEST. The company develops, owns, and operates utility-scale hybrid renewable energy projects combining solar PV, wind generation, and co-located battery energy storage systems (BESS) across Central and Eastern Europe (Bulgaria, Hungary, North Macedonia, and Romania), with Poland being added through a new sister JV in 2026. Its operating portfolio spans ~3 GW of joint project capacity, including 765+ MW of operational PV and wind assets, 620 MW / 2,300 MWh of BESS in operation or under construction, and 640 MW / 706 MW of generation and BESS in late-stage development. The company positions itself as the first in Europe to commercialize green baseload products — combining multi-hour BESS with renewable generation to deliver dispatchable, low-carbon electricity.

Name

Renalfa IPP

Legal name

Renalfa IPP

Website

https://renalfaipp.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Renalfa IPP is a Vienna-based independent power producer and joint venture of Renalfa Solarpro Group and RGREEN INVEST that develops and operates utility-scale hybrid solar, wind, and battery storage projects across Central and Eastern Europe.

Ownership category

akta.pro rank

Product category

Independent Power Generation (Renewable Energy)

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Utility-Scale BESS Project Development & Ownership (IPP/Developer) (EUAFAAAA), Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD)

Keywords

• Renewable energy generation
• Battery energy storage
• Independent power producer
• Utility-scale solar
• Hybrid energy projects

Headquarters

HQ city

Vienna

HQ country

Austria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Merchant Electricity Sales: Sale of electricity generated from solar PV and wind assets directly into wholesale energy markets at merchant prices
2. Corporate Power Purchase Agreements (PPA): Long-term contracts (typically 10 years) with corporate customers for purchase of renewable electricity, providing revenue certainty
3. Contract for Difference (CfD) Auctions: Revenue support mechanism through government auctions providing stable revenue streams for renewable generation
4. Grid Flexibility Services: Battery energy storage systems providing grid balancing services, frequency regulation, and other ancillary services to transmission system operators

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Renalfa IPP develops, owns, and operates utility-scale hybrid renewable energy projects combining solar PV, wind, and co-located battery energy storage systems (BESS) across Central and Eastern Europe. The company sells the generated electricity through merchant wholesale markets, long-term corporate Power Purchase Agreements (PPAs), Contract for Difference (CfD) auctions, and grid flexibility services to transmission system operators. It also offers innovative green baseload energy products and demand-side optimisation solutions for low-carbon industries and data centres.

Product overview

Renalfa IPP is a Vienna-based developer and independent power producer operating as a joint venture between Renalfa Solarpro Group GmbH and French infrastructure fund manager RGREEN INVEST. The company develops and operates a portfolio of renewable energy projects including solar PV parks, battery energy storage systems (BESS), and wind farms, with a total project portfolio of approximately 4.5 GW across Bulgaria, Hungary, North Macedonia, and Romania. The core product portfolio consists of hybrid renewable energy projects combining solar or wind generation with co-located BESS, such as the Tenevo Hybrid Project (242 MWp solar + 311 MW / 772.5 MWh BESS), Vetrocom Wind Farm (72.5 MW + 65 MW / 155 MWh BESS), and Szihalom (450 MWp solar + 250 MW / 1 GWh BESS). The company also offers green baseload products and grid flexibility services enabled by its long-duration BESS installations, positioning itself as a pioneer in delivering competitive merchant renewable energy without support schemes. Value-add services include demand side optimisation solutions for low carbon industries and data centres.

Differentiator

Problem solved

Functional benefit

Products and services

• Tenevo Hybrid Project A 242 MWp solar power plant co-located with 311 MW / 772.5 MWh battery energy storage system (BESS) in Southern Bulgaria, forming Bulgaria's largest hybrid energy project integrating solar, wind, and battery storage. Joint investment between Renalfa IPP and Eurowind Energy; aimed at wholesale energy markets, corporate PPAs, and grid flexibility services.
• Vetrocom Wind Farm An operating 72.5 MW wind farm in Bulgaria with 29 turbines located near Kazanlak, co-located with 65 MW / 155 MWh BESS. Fully operational since 2012; acquired from Alpiq in 2023 and integrated into Renalfa IPP's portfolio for merchant electricity sales and grid services.
• Kaolinovo Hybrid Project A 60 MWp solar plant with co-located 33 MW / 110 MWh BESS in Northeastern Bulgaria. Originally commissioned in 2012 at 10 MWp and repowered/expanded in 2025. Operated by Kaolinovo Solar EOOD, a wholly owned Renalfa IPP subsidiary.
• Szentmartonkata Solar + BESS A 23 MWp solar power plant co-located with 13.9 MW / 33.4 MWh BESS near Szentmartonkata in central Hungary. Operational since 2023 and selling into Hungarian wholesale energy markets.
• Razlog Hybrid Project A 33 MWp solar power plant co-located with a 27.5 MW / 110 MWh BESS in Southwestern Bulgaria. Solar operational since 2022; BESS (Renalfa IPP's first utility-scale BESS) installed in 2024. The project is contracted under a 10-year corporate PPA with A1 Bulgaria.
• Galgaguta Solar + BESS A 66 MWp solar plant in central Hungary operational since 2022, with co-located 50 MW / 200 MWh BESS under construction. Project has an option to enter up to 15-year Contract for Difference (METAR) in Hungary.
• Studina Solar + BESS A 174 MWp solar power plant in Southern Romania, joint investment with CWP Europe. Fully operational since Q1 2026; co-located 200 MWh BESS in late-stage development.
• Oslomej Solar + BESS A 65.8 MWp solar plant in North Macedonia built on a former coal mine site. Operational since 2023 as a Public Private Partnership with the Macedonian state-owned electricity utility ESM. Co-located 50 MW / 200 MWh BESS under construction.
• Dobrich Solar A 14 MWp solar plant near Dobrich in Northeastern Bulgaria. Operational since 2012; benefits from a contract for premium (a revenue support mechanism).
• Makedonski Brod Solar + BESS A 12 MWp solar power plant with co-located 10 MW / 40 MWh BESS in the Republic of North Macedonia. Operational since 2023 and selling into the local electricity market.
• Szihalom Solar + BESS A 450 MWp solar PV park with 250 MW / 1,000 MWh co-located BESS in northeastern Hungary. Currently under construction with project financing from EBRD and commercial banks (€210 million package), and expected to be one of the first utility-scale hybrid renewable asset project financings in Central and Eastern Europe once operational in early 2027.
• Teleorman PV Project A 258 MWac photovoltaic project in Teleorman, Romania, acquired by Renalfa IPP in late 2024, with planned integration of 1,000 MWh of BESS. Scheduled for commercial operation in 2027 as part of Renalfa IPP's Romanian portfolio expansion.
• Green Baseload Energy Products An innovative energy product offering leveraging Renalfa IPP's long-duration co-located BESS to integrate large-scale solar and wind generation and deliver competitive, continuous green baseload electricity. Renalfa IPP is the first company in Europe to bring green baseload products to market, addressing intermittency and enabling dispatchable renewable supply.
• Grid Flexibility Services Grid flexibility, frequency regulation, balancing, and ancillary services enabled by Renalfa IPP's utility-scale battery storage systems integrated with solar PV and wind generation. Sold to transmission system operators and grid operators to enhance energy security and address intermittency challenges.

Quantifiable outcome

• 250,000 tonnes CO2 emissions savings annually from Tenevo project
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and major.

• Eurowind EnergycoreStrategic or Co-development PartnerDanish renewable energy developer and independent power producer with over 20 years of experience. Joint investment partner in the Tenevo hybrid project in Bulgaria. Eurowind Energy has global pipeline of over 60 GW with 1.3 GW in operation across 15 countries.
• CWP EuropemajorStrategic or Co-development PartnerJoint investment partner in the Studina solar project (174 MWp) in Southern Romania
• Solarpro BulgariacoreImplementation/ SI/ Consulting PartnerProject manager and EPC contractor for Kaolinovo and Tenevo BESS projects. Part of Renalfa Solarpro Group, providing engineering, procurement, and construction services for solar and battery storage projects.
• Hithium/KehuamajorTechnology or IntegrationBattery technology supplier for Tenevo BESS project, providing battery energy storage system components
• Siemens Energy AGmajorTechnology or IntegrationSupplier of grid connection components (400 kV connection facilities) for Tenevo project
• ESM (Elektrostopanstvo na Makedonija)majorStrategic or Co-development PartnerMacedonian state-owned electricity utility. Public Private Partnership partner for Oslomej solar project (65.8 MWp) built on former coal mine site
• A1 (Telecom)majorChannel Partner/ Reseller/ DistributorBulgarian telecom operator that signed 10-year PPA with Renalfa IPP for green energy from Razlog project - first corporate PPA in the region

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Solarpro Holding: Sister company under Renalfa Solarpro Group that acts as EPC contractor and project manager for Renalfa IPP's hybrid projects (Kaolinovo, Tenevo BESS). Closely comparable hybrid PV + BESS utility-scale developer with deep CEE footprint and shared ownership.
• CWP Europe: Renewable energy developer active across CEE and Southeast Europe with a portfolio of utility-scale wind and solar projects. Joint investment partner with Renalfa IPP on the 174 MWp Studina solar project in Romania and competes for the same project pipeline in the region.
• Eurowind Energy: Danish independent power producer with 1.3 GW operational across 15 countries and a 60+ GW development pipeline. Direct peer and JV partner with Renalfa IPP on the Tenevo hybrid project in Bulgaria, operating in the same hybrid wind/solar + BESS utility-scale space across CEE and Northern Europe.

Broad incumbents

• RWE Renewables: One of Europe's largest renewables IPPs with utility-scale solar, wind and BESS portfolio across the continent including CEE markets. Competes for grid-scale project opportunities and corporate PPA offtake in the same geography as Renalfa IPP.
• Enel Green Power: One of the world's largest renewable energy operators with utility-scale wind, solar and battery storage capacity globally including European markets. Competes with Renalfa IPP in CEE for hybrid utility-scale project development and grid services revenue.
• Masdar: UAE-based global renewables developer with significant utility-scale solar, wind and increasingly BESS investments across CEE (including Eastern Europe and the Balkans). Competes with Renalfa IPP for utility-scale project pipelines and corporate PPAs in emerging European markets.
• Statkraft: Norway-based state-owned renewable energy IPP with significant wind, hydro and solar generation across Europe. Active in grid flexibility services and renewable offtake markets overlapping with Renalfa IPP's hybrid portfolio strategy.
• Iberdrola Renewables: Global utility-scale renewables major with substantial wind and solar presence across Europe including Eastern Europe. Competes for utility-scale IPP projects and corporate PPA demand in markets where Renalfa IPP is expanding.

Regional players

• MET Group: European energy company headquartered in Switzerland with significant power generation and trading activities across CEE, including Hungary. Competes for utility-scale renewable IPP projects and merchant/power market offtake in the same region.
• ČEZ Group: Czech integrated utility expanding rapidly into renewable generation and BESS across Central and Eastern Europe. Directly comparable business model (utility-scale renewables IPP) and a regional competitor for hybrid PV + storage projects in CEE markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Renalfa IPP