Econergy closes a fund to support 155MW solar project in Europe

Econergy has closed a fund to support 155MW solar project in Romania. It closed a €60 million financing facility with Raiffeisen Bank International.

The solar project Ratesti is one of the largest solar projects in Romania. The project is owned by Econergy and Nofar Energy.

According to the company, investment in construction is €102 million, while the project is likely to connect to the electricity grid imminently.

Meanwhile, the company further said it is the first financing in Romania without the power purchase agreement.

Its Econergy which has provided project management services (EPCm) to the Ratesti project company.

Eyal Podhorzer, Co-Founder and CEO of Econergy, was quoted in a statement, “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 €30m from the project company.”

Econergy will also provide project management services to the project for 10 years after the operation.

It informed that it has three other projects totalling 234MW, which are under construction. “With Ratesti included, we will have approximately 390MW of operating assets in the next few months,” Podhorzer further stated.