Econergy has secured approximately €229 million in financing for its Părău 2 solar and battery energy storage project in Romania from a six-lender consortium comprising the European Bank for Reconstruction and Development, Black Sea Trade and Development Bank, Exim Banca Românească, NLB, OTP Bank and Banca Comercială Intesa Sanpaolo România.
The financing will support the development of a 342 MWp solar photovoltaic plant combined with 150 MW of co-located battery energy storage in Brașov County, creating a large-scale renewable generation and storage asset within Romania’s electricity market.
The battery system will allow the solar facility’s electricity to be stored and dispatched when the grid needs it, helping integrate renewable generation while increasing flexibility in Romania’s power system.
The Părău 2 project has also secured the largest capacity award under Romania’s Contract for Difference mechanism.
Econergy was awarded 125 MW(ac) at €49.4 per MWh for 15 years beginning from the project’s commercial operation, providing a long-term contracted revenue component supporting the project’s financing profile.
Commercial operations are expected to begin in late 2027 or early 2028.
Along with EBRD, BSTDB, Exim Banca Românească, NLB and OTP Bank, the financing consortium includes Banca Comercială Intesa Sanpaolo România together with its subsidiary Privredna banka Zagreb.
Approximately €114.4 million of the main financing facility is supported by a guarantee under the European Union’s InvestEU program.
Financial closing is expected within approximately three months.
Drawdown under the financing agreements remains subject to customary conditions precedent, which Econergy expects to satisfy within approximately three months of signing.
Părău 2 is already under construction, giving Econergy a path toward deploying the newly secured financing as the project moves toward completion.
Once operational, the company expects the facility to increase Romania’s renewable electricity generation capacity, reduce greenhouse gas emissions and contribute to the reliability of the country’s electricity system.
The combination of solar generation and battery storage is intended to make the project more flexible than a standalone solar installation by allowing some electricity production to be shifted to periods when the grid requires additional supply.
For Econergy, securing commitments from six lenders represents a significant financing milestone for one of its flagship renewable energy projects in Romania.
The company also views the financing as validation of its ability to develop, finance and operate large-scale renewable energy infrastructure as it advances a substantially larger European project pipeline.
Econergy currently specializes in solar photovoltaic, wind and energy storage projects across European markets including Germany, the U.K., Italy, Spain, Romania, Poland and Greece.
Its overall development pipeline exceeds approximately 13 GW.
The company generates revenue across different stages of the renewable energy value chain, including electricity sales, development and operating fees and sales of projects at various development stages.
With €229 million of financing arranged, a 15-year CfD covering 125 MW(ac) and construction already underway, Părău 2 is positioned to become a significant component of Econergy’s Romanian renewable energy portfolio as the company targets commercial operations in late 2027 or early 2028.
KEY QUOTES:
“Securing €229 million on Părău 2 is a milestone for Econergy and for the Romanian market. Six leading international lenders committed to our flagship project on terms that reflect their confidence in how we build and operate, and that gives us the platform to move on the rest of our European pipeline.”
Eyal Podhorzer, CEO of Econergy
