Econergy Secures EUR 33 Million Financing for 52-MW Solar Project in Polan

Israeli independent power producer Econergy Renewable Energy Ltd (TLV:ECNR) has secured EUR 33 million (USD 35.5 million) in bank financing from Poland’s PKO Bank Polski for a 52-MW solar project in Poland, scheduled to be grid-connected soon.

The funds will support Econergy’s Resko solar park, its first photovoltaic (PV) venture in the country.

Phoenix Insurance has also deepened its investment in Resko, converting a EUR 4.2 million loan into a 49% equity stake in the project’s special purpose vehicle. The remaining portion of the loan will transition into an unsecured shareholder loan, representing 49% of total shareholder loans for the venture.

Located in Zachodnio-Pomorskie Municipality’s Resko city, the solar park’s construction costs are estimated at around EUR 41 million. Additionally, Econergy reported that Phoenix Insurance holds options to convert loans into equity stakes for four of its Romanian solar projects, which are in advanced construction stages with a total capacity of 200 MW.