Renewables investor and developer Econergy has secured more than €200 million (US$227 million) through two joint ventures (JVs) to support the construction of part of its project pipeline in Eastern Europe.
A €150 million loan will be provided by Israeli insurance company Phoenix Insurance for the construction of a host of Econergy’s renewables plants in Romania and Poland that are expected to break ground this year.
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A separate JV with RGreen Invest will see the French asset manager provide around €50 million in equity and a loan for a 90MW solar PV project in Romania that is due to start construction in Q2 of this year and be connected to the grid before April 2023.
Listed on the Tel Aviv stock exchange, Econergy’s current renewables pipeline includes more than 1.5GW of projects in Romania and over 550MW in Poland. The company recently acquired a 50% stake in a 155MW ready-to-build PV plant in Romania from real estate developer Portland Trust.
“Romania and Poland both represent key target markets for Econergy, and these joint ventures will support the timely and effective delivery of our projects in these countries,” said Eyal Podhorzer, Econergy CEO.
With around 1,460MW of installed PV capacity as of last year, Romania’s solar sector is set to be boosted by new projects from the likes of renewables developer Grasshopper Energy and new clean energy development platform Aukera Energy, which has secured the backing of investment company AtlasInvest.