Econergy, a publicly-traded renewable energy company (TASE: ECNR), has announced the closing of a new €60 million facility with Raiffeisen Bank International AG to support its 155 MW solar project in Romania.
Ratesti, equally owned by Econergy and Nofar Energy, is the largest solar project in Romania and is expected to connect to the electricity grid imminently. Investment in the project’s construction has totalled €102 million.
The project company has signed a financing agreement with Raiffeisen Bank International AG, one of the leading banks in Austria and Central Europe, worth €60 million.
It is the first financing in Romania, as far as is known, based on electricity merchant sales, without the need for a PPA (Power Purchase Agreement).
Eyal Podhorzer, Co-Founder and CEO of Econergy said: „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 €30 million 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.
Econergy continues to develop its extensive project portfolio, with 3 other projects under construction totalling 234MW, and plans to connect additional projects over the next two quarters. With Ratesti included, we will have approximately 390MW of operating assets in the next few months.”
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