Econergy Group has signed an agreement for the sale of its 214MW Niculești solar project in Romania for an undisclosed sum.
The project is in an advanced stage of development, having achieved building permits, and reaching ready-to-build stage.
The agreement was signed with an unnamed subsidiary of a leading Balkan conglomerate, with the support of Kommunalkredit, which acted as exclusive M&A advisor.
The Israeli developer said the project represents a strong milestone in the company’s strategy to diversify revenue stream through electricity sales, the selling-on of projects it has developed, and management and construction services.
It has an around 2GW pipeline of projects in Romania, with 246MW already connected and in commercial operation, another 800MW in development and construction stages, out of them 198MW are expected to be connect by the end of 2024.
“The agreement reflects Econergy’s position as a market leader in Romania and the strengths of our local capabilities,” said the developer’s co-founder and chief executive Eyal Podhorzer.
He added: “We have an impressive in-country portfolio and the sale demonstrates clearly the value of our pipeline of projects.
“Some of these we will operate and generate income from the sale of electricity and management services, and some are intended to be sold, giving the company a diverse range of income sources.
“We previously stated that 2024 will be a turning point in the life of the company and we have already made significant progress with the connection of two large projects in Romania and now with this sale, alongside continuing to progress our wider of projects in country towards readiness for construction.”