Econergy Secures Up to €160 Million Investment to Advance Romanian Solar and Storage

en.Wedoany.com Reported - Econergy has reached an investment arrangement of up to €160 million with Phoenix, with the funds to be used to advance solar and battery storage projects in Romania. Under the agreement, up to €130 million will be provided within the first 12 months, with a further investment of up to €30 million available thereafter.

The two companies have a long-standing partnership, having previously signed a €225 million financing framework agreement.

Romania is a key market for Econergy. The company has a mature project portfolio in the country spanning solar, battery energy storage systems (BESS), and wind, with 1.1 GW of projects currently under construction or grid-ready. Integrating BESS with existing and under-construction solar PV projects is a key part of Econergy's ongoing expansion strategy in this market, and an area Phoenix has supported through previous commitments.

In addition to the aforementioned €160 million investment, Phoenix will complete a further €43 million investment under the existing €225 million framework agreement, of which €38 million is specifically earmarked to fund the development of this batch of solar-plus-storage projects.

Econergy CEO Eyal Podhorzer said Romania is a key European market for the company, and since entering in 2021, it has built a strong and diversified project portfolio locally. This investment gives the company the ability to advance and execute its established plans, supports the continued construction of the project portfolio, and also provides a clear foundation for the holding and financing structure of the Romanian business with the support of a long-term partner. He said the company is pleased to deepen its cooperation with Phoenix as it takes the next step in Romania.

Earlier this month, Econergy's first co-located solar-plus-storage project at Parau 1 in Romania entered commercial operation. A 70 MW/141 MWh BESS now operates alongside the existing 92 MW solar project, bringing the project's total installed capacity to 162 MW.