Solar Energy

Econergy secures €28 mln financing for 58 MW solar park in Romania

Econergy Renewable Energy Ltd., through its subsidiary Econergy UK, has secured €28 million in financing from Kommunalkredit Austria AG for the Iancu Jianu photovoltaic (PV) project in Olt County, Romania. The project, currently under construction, has an installed capacity of 58 MW and is expected to connect to the grid in 2025.

The financing package allocates €26 million for construction costs and repayment of prior loans, with €2 million designated for VAT expenses. The loan, carrying a six-month EURIBOR-based interest rate with an annual margin of 4%-5%, is structured for short-term needs covering construction and initial operations. Econergy plans to refinance the loan with a lower-rate, long-term facility by late 2025, with principal and interest payments starting December 31, 2025.

Econergy, a leading player in Romania’s renewable energy sector, boasts a development portfolio of 2 GW in the country. This includes 246 MW of operational capacity, approximately 800 MW in advanced development stages, and 198 MW expected to connect by the end of 2024.

Recently, Econergy also signed a binding agreement with a subsidiary of a prominent Balkan conglomerate for the sale of its 214 MW Niculești project, which is "Ready to Build." This marks another step in Econergy's strategic expansion within the region.

Source: Economica.net

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