Renewable developer Econergy has secured a financing package for the Parau 2 project in Romania. The development combines 342 MW of solar capacity with a 150 MW/300 MWh battery energy storage system. The European Bank for Reconstruction and Development has committed up to EUR 120m to support the transaction.
EBRD loan structure and additional lenders
The EBRD commitment is structured through an A loan of up to EUR 57m and a B loan of up to EUR 63m. The B-loan component includes a EUR 3.6m debt-service guarantee provided by Privredna Banka Zagreb and NLB. Additional financing is being provided by the Black Sea Trade and Development Bank, OTP Bank and Exim Banca Romaneasca.
Together, the additional funding takes potential total debt funding for the development to as much as EUR 229m. Parau 2 is located in Brasov county. The project combines utility-scale photovoltaic generation, merchant electricity exposure and battery flexibility.
Contract-for-Difference support and battery role
A portion of the project’s output has long-term price protection. Around 125 MW of support is secured through Romania’s first Contract-for-Difference auction at a strike price of EUR 49.4/MWh for 15 years. Electricity from the remaining capacity retains merchant-market exposure.
The battery system is described as enabling shifts in generation from lower-priced solar hours into stronger trading periods. It can also provide balancing services while reducing exposure to declining midday capture prices as Romanian photovoltaic capacity expands. Romania’s wider CfD programme is designed to support 5 GW of new solar and onshore wind capacity.
InvestEU first-loss guarantee within EBRD framework
The financing structure also benefits from InvestEU support, including a first-loss portfolio guarantee of up to EUR 115m. The arrangement is linked to the EBRD lending framework for Parau 2.
The project’s revenue design incorporates contracted elements alongside storage and selective merchant exposure. This combination is intended to maintain flexibility while preserving upside from wholesale price movements.
