Econergy has closed a €60m financing facility with Raiffeisen Bank International to support its 155MW solar project in Romania.
Ratesti, equally owned by Econergy and Nofar Energy, is one of the largest solar projects in Romania and is expected to connect to the electricity grid imminently.
Investment in the project’s construction has totalled €102m.
Raiffeisen Bank International operates in Austria and Central Europe.
Ecoenergy said it is the first financing in Romania, based on electricity merchant sales, without the need for a power purchase agreement.
Eyal Podhorzer, Co-Founder and CEO of Econergy, said: “The signing of the financing agreement marks another significant milestone in the journey of the Ratesti project and Econergy.
“The financing agreement will allow Econergy to draw €30m from the project company.
“The next significant milestone is the project’s connection, which is expected imminently.
“Econergy has provided project management services (EPCm) to the Ratesti project company.
“With its connection to the electricity grid and revenue from electricity sales, Econergy will also provide project management services to the project for 10 years.”
Econergy has three other projects under construction totalling 234MW and plans to connect additional projects over the next two quarters.
“With Ratesti included, we will have approximately 390MW of operating assets in the next few months,” said Podhorzer.