Econergy Renewable Energy, a European independent power producer, reached financial close on the 40 MW/120 MWh Dalmarnock battery energy storage project located in Scotland. The company secured £21 million (~$29 million) of project finance from Santander UK.
The Dalmarnock project is supported by a long-term optimization partnership with EDF, a provider of battery optimization services, which guarantees a minimum income level while allowing Econergy to retain full upside exposure above the floor.
This financing paves the way for the commercialization of the company’s pipeline in the U.K., which currently includes 17 projects totaling nearly 3 GW. Econergy develops solar, wind, and energy storage projects across various European markets, including Germany, Italy, Spain, Romania, Poland, Greece, and the U.K. The company has a project pipeline of over 14 GW.
Eyal Podhorzer, CEO of Econergy, said: “The Dalmarnock financial close is a testament to our execution strategy, converting our deep development pipeline into revenue-generating operational assets. By partnering with Santander and EDF, we have not only secured capital efficiency but also engineered a revenue structure that provides long-term visibility while maintaining exposure to the upside of the UK’s energy transition.”
Previously, in 2025, the company closed a €40.5 million (~$47 million) project finance agreement with UniCredit Bank for its 87 MW Oradea solar project in the Crișana region in north-west Romania. In addition, Econergy also secured approximately €58 million (~$68 million) in financing to support a portfolio of solar projects totaling 64.3 MW in Italy.
Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, with a 71% increase YoY.
This Month, 360 Energy, a renewable energy project developer, secured approximately €63 million (~$74 million) in project financing for its Verila Solar Park 2. Raiffeisen Bank International and UniCredit Bulbank provided the funding.
