Israel-headquartered independent power producer (IPP) Econergy has begun commercial operations at a 92MW solar PV project in Romania.
Located in Parau, the project is co-owned by Econergy and French renewable energy investment fund RGreen. Econergy provided engineering, procurement and construction (EPC) management services during the construction process of the solar PV plant, while it will continue to provide asset management services for the next ten years as it operates.
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Econergy’s installed solar capacity in Romania reached 247MW after commissioning the Parau project. In November 2023, the company started the commercial operation of the 155MW Ratesti solar project, which is equally owned by Econergy and fellow Israeli solar company Nofar Energy, with a project construction cost of €102 million (US$111.74 million).
Eyal Podhorzer, co-founder and CEO of Econergy, said the company plans to connect almost 500MW of solar capacity in Romania by the end of the year.
In early 2023, Econergy announced that it had finalised a €150 million (US$157.7 million) loan agreement with Phoenix Insurance to support its pipeline of solar PV projects in Romania and Poland. The loan – which was originally agreed between the two parties in February 2022 – will mostly be granted in the form of a convertible loan (around €110 million), with the other €40 million, as a fixed loan and with two thirds of it (€100 million) set aside for its Romania pipeline.