Econergy Renewable Energy, an Israeli developer specializing in renewable energy, has successfully arranged a debt financing package of €31 million to facilitate the construction of a solar power plant in Romania. This funding agreement was established with Kommunalkredit, an Austrian financial institution, which will provide the necessary loan for the project.
The financing will primarily be allocated to cover the construction and development expenses associated with the Ovidiu solar power plant, which is designed to have a capacity of 60 MW. Additionally, a portion of the funds will be directed towards refinancing existing shareholder loans that were previously utilized to advance the project’s development. The facility is set to incorporate a battery energy storage system, aligning with Econergy’s strategic focus on integrating renewable generation with energy storage solutions. Construction of the battery system is anticipated to commence by the end of 2026.
Romania has emerged as a significant market for Econergy as it seeks to broaden its footprint across Europe. The company is actively involved in developing renewable energy projects spanning various technologies, including solar, wind, and energy storage solutions, boasting a development portfolio that exceeds 13 GW.
In strengthening its position within the Romanian market, Econergy has made additional investments recently. Notably, it secured €40.5 million in financing for the 87 MW Oradea solar project located in northwestern Romania. Furthermore, the company entered into a power purchase agreement that encompasses 200 MW of capacity from its solar developments at Ratesti and Parau.
