Econergy Secures €229 Million Financing for Solar-plus-Storage Project in Romania

en.Wedoany.com Reported - Econergy has signed financing agreements totaling €229 million for its Părău 2 solar-plus-storage project in Brașov County, Romania. The project combines 342 MWp of solar generation capacity with a 150 MW battery energy storage system (BESS), marking the company's latest move in Romania's storage sector, where utility-scale battery capacity has recently surpassed the 1 GW threshold.

The financing is provided by a consortium of six banks led by the European Bank for Reconstruction and Development (EBRD), with approximately €114.4 million backed by the EU's InvestEU guarantee scheme. Participating banks also include the Black Sea Trade and Development Bank (BSTDB), Exim Banca Românească, NLB, OTP Bank, and Intesa Sanpaolo România.

Econergy expects financial close to be completed within approximately three months after signing, with drawdown still subject to customary conditions precedent under the financing agreements. The bankability of the Părău 2 project was supported by Romania's previous Contracts for Difference (CfD) auction, under which the project secured a 15-year CfD for 125 MW(ac) at a strike price of €49.4 per MWh.

The CfD mechanism provides revenue certainty for the project, but during peak solar generation hours, it may expose the developer to negative electricity price risk. The deployment of 150 MW (DC) battery storage serves to hedge against this risk, enabling Econergy to store surplus generation and avoid dispatching power to the grid at prices below cost.

Econergy CEO Eyal Podhorzer stated that this transaction provides a foundation for the execution of the company's broader European project pipeline. Construction of the Părău 2 project has already commenced, with commercial operation expected by the end of 2027 or early 2028.