A new €250 million investment will strengthen the partnership between Econergy and RGREEN INVEST and promote a pipeline of renewable project ideas.
At a pre-money valuation of €350 million, RGREEN INVEST will provide €87.5 million in common equity to Econergy, which will be utilised to support the company’s pipeline development and expansion strategies.
For a minimum of 10 years, Econergy will offer Asset Management services as well as Engineering, Procurement, and Construction Management services for its European projects.
Parallel to this, investments totaling €163 million will directly support the development of solar and wind projects across Europe. This includes RGREEN INVEST’s prior pledge of about €50 million to support the development of Econergy’s 92 MW solar project in Parau, Romania, where work on it started earlier this year.
The INFRAGREEN IV and V funds will be used to make the €250 million project.
Econergy CEO Eyal Podhorzer said “We are pleased with the investment from the INFRAGREEN funds and the extension of our strategic relationship with RGREEN INVEST.”
“Due to the trust-based relationship between our teams, as well as the ideals and common interests that have continually sustained it, our cooperation, which began in 2016, has been stronger over time.”
“This latest agreement highlights the growing confidence of investors in Econergy’s business model and growth plans, which in 2022 has seen us launch the construction of utility-scale solar and storage projects in four different markets.”
“With a pipeline of 224 projects and development capabilities that are significant, while there is volatility in the market, we are ready to make the leap to reach this next milestone that will benefit all company stakeholders.”
Olivier Guillaume, CIO of RGREEN INVEST said “This transaction strengthens our long-term relationship with Econergy and reflects our shared ambition to foster the growth of independent pan-European renewable energy producers and help them scale up their operations.”
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