Israeli developer Econergy Renewable Energy has received €30m as part of its agreement with long-term partner RGreen Invest.
The €30m forms part of RGreen Invest’s total equity investment of €87.5m.
The initial €50m tranche was delivered following the close of the agreement and the final €7.5m tranche is due to be completed by the end of April.
This is in addition to the partnership and financing provision agreement between Econergy and RGreen Invest to support the company’s pipeline roll-out in continental Europe, worth approximately €163.3m.
The investment will enable Econergy to further develop its renewable energy portfolio and pursue its pipeline expansion in the UK and Europe, with the company having raised more than €500m over the past 18 months.
Eyal Podhorzer, Econergy’s chief executive said: “We are pleased to be continuing our long-term partnership with RGreen Invest to support the development and roll-out of Econergy’s renewable projects across the UK and Europe.
“This new tranche of equity will help us expand the solar and storage projects that are ongoing in the UK and EU energy markets.
“We are making strong progress in the development of our backlog of projects across Europe and we expect to see income from connected projects starting in the second quarter of this year.”
Olivier Guillaume, chief investment officer of RGreen Invest, added: “We’re seeing our long-term relationship with Econergy strengthened through the fulfillment of this agreement.
“Our goal has consistently been to support the growth of independent renewable energy producers in Europe and help them broaden the reach of their operations.
“By prioritising the financing of infrastructure projects related to climate change adaptation and mitigation, we respond to a steadily increasing appetite of investors who seek to decarbonise their portfolios and invest in the energy transition, and who have confidence in our ability to provide value.”