Econergy and Rivage Investment have reached an agreement for €150 million in debt financing to advance a portfolio of renewable energy projects across Europe. As a publicly-traded independent power producer (IPP), Econergy will utilize the debt financing to facilitate the implementation of various solar, wind, and storage projects in Europe. The funds will also support ongoing development and construction activities in key markets, including Italy, Poland, the UK, and Romania.
The debt financing arrangement has been formalized between Rivage Investment, an independent asset management company specializing in sustainable infrastructure financing, and Econergy International Limited UK, a subsidiary of Econergy Renewable Energy Ltd. Rivage Investment, a French asset manager managing €7.7 billion in assets, focuses on financing sustainable infrastructure and essential assets.
Simultaneously, Econergy has acquired UBS’s stake in jointly developed Italian renewable projects, leading to full ownership of around 440MW upon completion. This move represents a pivotal step in Econergy’s strategic evolution from a service provider and developer to an Independent Power Producer (IPP).
Co-Founder and CEO of Econergy, Eyal Podhorzer, commented “2024 will be a big year for us as we continue to grow and transform the company and I’m delighted that we are beginning it with such significant momentum.”
“I am excited and grateful that Rivage is embarking on this partnership with us, driving forward our shared clean energy ambitions across Europe. This shows the trust that leading investors have placed in Econergy and puts us in a stronger financial position than ever.”
“The investment, alongside our decision to buy UBS’s shares in our Italian pipeline, demonstrates Econergy’s proactive and successful year so far, progressing our strategy to become an Independent Power Producer, owning projects from conception to commercial operations.”
“In the coming weeks we are expected to connect our 92MW Parau PV project in Romania, which will join the 155MW Ratesti PV plant in generating much needed low carbon power for the country.”
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