Econergy Renewable Energy has secured a €31m project finance agreement with infrastructure investor Kommunalkredit for its approximately 60MW Ovidiu PV project in Romania.
The company said the project (pictured) is currently under construction and the financing will fund development and construction costs while refinancing related shareholder loans.
It added the agreement marks its second project finance deal with Kommunalkredit following financing for the Iancu Jianu project.
Econergy plans to add a battery energy storage system to the Ovidiu site, with construction expected to start by the end of the year.
The Ovidiu project forms part of Econergy’s expanding portfolio in Romania, which remains a core growth market with a diversified pipeline of solar and storage assets.