Independent power producer Enery has obtained a green financing package from the DSK Bank for the construction and operation of its battery energy storage system (BESS) project in Nova Zagora, Bulgaria.
This transaction is said to be one of the nation’s advanced energy storage financing deals, reinforcing Bulgaria’s shift towards a more flexible energy system powered by renewables.
The commissioning of the standalone BESS facility, which will have a capacity of 150MW/600MWh, is planned for March 2026.
DSK Bank head of special and structured finance Ivo Kolarov said: “Battery storage is essential for enabling higher renewable integration, and we are pleased to support high-quality projects that pair robust risk management with long-term sustainability.”
The project has also secured a long-term virtual power purchase agreement-based arrangement with Vitol, a global energy and commodities company.
This agreement is aligned with the operational profile of the Nova Zagora asset, supporting revenue stability and bankability for the project.
Vitol executive board member Pablo Galante Escobar said: “We are pleased to enable this project, which we intend to be the first of many in partnership with Enery. Vitol has experience in developing, owning, and optimising BESS in Australia, Europe, and the US, and is well-placed to support the growth in batteries and renewables that the energy transition will require.”
The battery storage project will have its own substation and will be connected to a new 33kV/110kV substation, that is a part of the national transmission grid.
The project is expected to create a scalable blueprint for next-generation energy storage and hybrid offtake arrangements across south-east Europe.
Enery chief commercial officer Severin Vartigov said: “Sophisticated instruments such as Virtual financial deals, combined with Enery Portfolio Optimization’s best-in-class physical optimisation services, are now key to unlocking bankable storage projects.
“This transaction demonstrates how innovative commercial structures, when paired with disciplined execution, can create long-term value for both lenders and project sponsors. I am extremely proud of the Enery team, whose dedication and expertise were instrumental in bringing this complex project to a bankable outcome.”
Enery manages a diversified portfolio totalling 566MW of installed capacity and produces 766GWh of clean electricity.
