Econergy Renewable Energy, an Israeli developer specializing in renewable energy, has successfully arranged €31 million in debt financing aimed at advancing the construction of a solar power plant in Romania. The financing agreement was established with Kommunalkredit, an Austrian financial institution, which will facilitate the funding necessary for the project.
The allocated funds are designated primarily for the construction and development of the Ovidiu solar power plant, which is designed to have a capacity of 60 MW. Additionally, part of this financing will be utilized to refinance shareholder loans that had previously been invested to progress the project. Notably, the Ovidiu plant is set to incorporate a battery energy storage system, aligning with Econergy’s strategic approach of integrating renewable generation with storage solutions. Construction of the battery component is anticipated to commence by the end of 2026.
Romania has emerged as a significant market for Econergy as it seeks to broaden its footprint across Europe. The company is actively engaged in developing various renewable energy projects that encompass solar, wind, and energy storage technologies, boasting a development portfolio that exceeds 13 GW.
In recent months, Econergy has further solidified its position within the Romanian market through additional investments. Earlier this year, it secured €40.5 million in financing for the Oradea solar project, which has a capacity of 87 MW and is located in northwestern Romania. Furthermore, Econergy has entered into a power purchase agreement that encompasses 200 MW of capacity from its Ratesti and Parau solar developments.
