Econergy, an independent renewable energy power producer, announced the signing of a project financing agreement valued at approximately €38 million (~$39.61 million) with Raiffeisen Bank International AG (RBI), a Europe’s financial institution.
The funding will be used to repay loans provided by related parties for the acquisition, development, and construction of the 92 MW Parau solar project in Romania, which became operational earlier this year.
The loan includes a maturity of up to 10.5 years, structured repayments, and a balloon payment at final maturity, with an interest rate linked to the six-month EURIBOR at a competitive margin.
This is the second project financing the company has secured with RBI. In November, the company announced the closing of a €60 million (~$65.7 million) funding round with Raiffeisen Bank International to support the construction of its 155 MW solar power project in Romania.
The company currently has a project pipeline exceeding 8.2 GW in solar and wind and 10.6 GWh in energy storage across European markets, including Poland, Italy, Greece, Spain, Romania, and the U.K.
In addition, the company also finalized a €150 million (~$162 million) loan agreement with the UK-based Phoenix Insurance to support the construction of part of its pipeline of solar photovoltaic projects in Romania and Poland in January this year.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this month, Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, announced the financial closure of the Carwarp Energy Park in Australia.
