A credit arrangement between Econergy Renewable Energy and Phoenix Insurance has been finalised to assist the construction of various solar projects in Romania and Poland.
Phoenix will give Econergy €100 million and €50 million to invest in the firm’s solar PV pipelines in Romania and Poland, respectively.
A total of €40 million will be given as a fixed loan and €110 million will be given as a convertible loan as part of the deal.
The arrangement will help Econergy’s goals of growing and expanding its solar PV projects in Romania and Poland while preserving financial flexibility.
Eyal Podhorzer, Econergy CEO, said “We are delighted to have finalised this cooperation agreement with Phoenix for some of our projects in Romania and Poland. We see this as an important expression of confidence by a leading financier – both in the company and in its business model – especially against the background of the uncertainty that characterises the global capital and energy markets.”
“In addition to Rgreen Invest’s €350m strategic investment, this new agreement marks a vital step in Econergy’s development and will support our ability to implement ready-made projects from our large backlog while maintaining financial flexibility.”
“We are making strong progress in the development of this backlog and we expect to see income from connected projects starting in the second quarter of this year.”
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