Renewables developer Econergy and French financier RGREEN INVEST have expanded their financial partnership with an additional €250 million (US$259 million) of project-specific investment.
RGREEN will provide €87.5 million (US$90 million) – at a pre-money valuation of €350 million (US$363 million) – to the British subsidiary of Econergy to strengthen the company’s pipeline of projects in the UK. Econergy will provide engineering, procurement and construction management, as well as asset management, services for its UK projects for a minimum of ten years.
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In addition, RGREEN INVEST will provide €163 million (US$169 million) to finance the construction of Econergy’s solar and wind projects across Europe. This includes the two companies’ previous financial collaboration on projects in Romania.
“This latest agreement highlights the growing confidence of investors in Econergy’s business model and growth plans, which in 2022 has seen us launch the construction of utility-scale solar and storage projects in four different markets,” said Econergy CEO Eyal Podhorzer.
“With a pipeline of 224 projects and development capabilities that are significant, while there is volatility in the market, we are ready to make the leap to reach this next milestone that will benefit all company stakeholders.”
Econergy has a significant foothold in the UK and Europe already. In January of this year, PV Tech sister site Current± reported that the company had acquired a 50MW/100MWh battery storage system to kickstart its 800MW UK project pipeline.
Last year, Econergy acquired a 155MW solar PV plant in Romania and in February it received a €200 million (US$207 million) investment to develop its pipeline in the Eastern European country.
This is the fifth partnership between Econergy and RGREEN INVEST, and sees Econergy raising over €500 million (US$518 million) in the last year.