Econergy Renewable Energy has finalised a loan agreement with Phoenix Insurance to support building some of Romanian and Polish solar projects.
Phoenix will provide Econergy with €100m and €50m to invest in the company’s Romanian and Polish solar PV pipelines respectively.
As part of the agreement, approximately €110m will be granted in the form of a convertible loan and a total of circa €40m will be granted as a fixed loan.
The agreement will support Econergy’s ambitions to develop and expand its Romanian and Polish solar PV projects while maintaining financial flexibility.
Econergy CEO Eyal Podhorzer said: “We are delighted to have finalised this cooperation agreement with Phoenix for some of our projects in Romania and Poland. We see this as an important expression of confidence by a leading financier – both in the company and in its business model – especially against the background of the uncertainty that characterises the global capital and energy markets.
“In addition to Rgreen Invest’s €350m strategic investment, this new agreement marks a vital step in Econergy’s development and will support our ability to implement ready-made projects from our large backlog while maintaining financial flexibility.
“We are making strong progress in the development of this backlog and we expect to see income from connected projects starting in the second quarter of this year.”