Renewable developer Econergy has secured a financing package for the Parau 2 project in Romania. The development combines 342 MW of solar capacity with a 150 MW/300 MWh battery energy storage system. The European Bank for Reconstruction and Development has committed up to EUR 120m to support the project.
EBRD package and debt-service guarantee
The EBRD financing is structured through an A loan of up to EUR 57m and a B loan of up to EUR 63m. The B-loan component includes a EUR 3.6m debt-service guarantee provided by Privredna Banka Zagreb and NLB. Additional funding is being provided by the Black Sea Trade and Development Bank, OTP Bank and Exim Banca Romaneasca.
Together, the additional sources take potential total debt funding for the development to as much as EUR 229m. Parau 2 is located in Brașov county. The project’s revenue setup combines utility-scale photovoltaic production, merchant electricity exposure and battery flexibility.
Contract-for-Difference support and merchant exposure
Part of the project’s output has long-term price protection through Romania’s first Contract-for-Difference auction. Around 125 MW of support is secured at a strike price of EUR 49.4/MWh for 15 years. Electricity from the remaining capacity retains merchant-market exposure.
The hybrid structure is designed to reduce revenue volatility while keeping upside linked to wholesale prices. The battery system also provides operational differentiation compared with a conventional solar plant. With a 300 MWh storage configuration, it can shift generation from low-priced solar hours into stronger trading periods.
CfD programme scale and InvestEU support
The battery can also provide balancing services and reduce exposure to declining midday capture prices as Romanian photovoltaic capacity expands. Romania’s wider CfD programme is designed to support 5 GW of new solar and onshore wind capacity. The financing structure benefits from InvestEU support, including a first-loss portfolio guarantee of up to EUR 115m.
The InvestEU guarantee is associated with the EBRD lending framework. Parau 2 reflects an approach in European renewable finance that keeps contracted revenues relevant for bankability while incorporating storage and selective merchant exposure to improve flexibility and preserve market upside.
