Econergy and Rivage Investment have agreed €150m in debt financing to progress a pipeline of European renewable energy projects.
Econergy is a publicly-traded independent power producer (IPP) and the deal will support the delivery of a pipeline of European solar, wind and storage sites.
It will also support the ongoing development and construction in Econergy’s primary target markets of Italy, Poland, the UK and Romania.
The agreement for the new injection of funds has been signed between Rivage Investment, an independent asset management company specialising in the financing of sustainable infrastructure, and Econergy International Limited UK, a subsidiary of Econergy Renewable Energy Ltd.
Rivage Investment is a French asset manager with holdings under management of €7.7bn, specialising in the financing of sustainable infrastructure and essential resources.
Rivage’s investment comes as Econergy has also bought out UBS’s share of its joint-developed Italian renewable projects.
This means that Econergy will now take full ownership of approximately 440MW (on completion) worth of previously jointly owned projects, marking the latest stage in Econergy’s strategic transition from a service provider and developer to an IPP.
Eyal Podhorzer, Co-Founder and CEO of Econergy, said: “2024 will be a big year for us as we continue to grow and transform the company and I’m delighted that we are beginning it with such significant momentum.
“I am excited and grateful that Rivage is embarking on this partnership with us, driving forward our shared clean energy ambitions across Europe.
“This shows the trust that leading investors have placed in Econergy and puts us in a stronger financial position than ever.
“The investment, alongside our decision to buy UBS’s shares in our Italian pipeline, demonstrates Econergy’s proactive and successful year so far, progressing our strategy to become an Independent Power Producer, owning projects from conception to commercial operations.”
“In the coming weeks we are expected to connect our 92MW Parau PV project in Romania, which will join the 155MW Ratesti PV plant in generating much needed low carbon power for the country.”