Econergy, an Israel-based investor, developer, and operator of renewable energy projects, 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 project, named Ratesti, is expected to be one of the largest solar projects in Romania. The project’s construction investment has totaled €102 million (~$112 million).
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 (~$33 million) from the project company. The next significant milestone is the project’s connection, which is expected imminently.”
“Econergy has provided project management services 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 ten years”, he added.
Econergy has three projects under construction totaling 234 MW and plans to connect additional projects over the next two quarters.
Earlier this year, Econergy 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 power projects in Romania and Poland.
According to Mercom’s 9M and Q3 2023, Solar Funding and M&A Report announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.
Recently, Leeward Renewable Energy, a solar, wind, and energy storage project developer, closed $580 million of tax equity commitments and debt facilities for its White Wing Ranch Solar and GSG Wind projects in Yuma County, Arizona, and LaSalle County, Illinois.
