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    Econergy successfully obtains €60 million in financing for solar projects in Romania

    Econergy has finalized a €60 million financing arrangement with Raiffeisen Bank International to support its 155MW solar venture in Romania. The Ratesti project, jointly owned by Econergy and Nofar Energy, stands as one of Romania’s largest solar initiatives and is on the verge of connecting to the electricity grid.

     

    The overall investment in the project’s construction has reached €102 million. Raiffeisen Bank International, operating in Austria and Central Europe, facilitated this financing deal. Notably, Econergy highlights that this marks the inaugural financing in Romania structured on electricity merchant sales, eliminating the necessity for a power purchase agreement.

     

    Econergy has three other projects under construction totalling 234MW and plans to connect additional projects over the next two quarters.

     

    Co-Founder and CEO of Econergy, Eyal Podhorzer, commented “The signing of the financing agreement marks another significant milestone in the journey of the Ratesti project and Econergy.”

     

    “The financing agreement will allow Econergy to draw €30m from the project company. The next significant milestone is the project’s connection, which is expected imminently.”

     

    “Econergy has provided project management services (EPCm) to the Ratesti project company. With its connection to the electricity grid and revenue from electricity sales, Econergy will also provide project management services to the project for 10 years.”

     

    “With Ratesti included, we will have approximately 390MW of operating assets in the next few months.”

     

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