Econergy Secures €33 Million Financing from PKO Bank for Polish Solar Project
Econergy Renewable Energy, a European Independent Power Producer (IPP) focused on renewable energy, has secured €33 million in senior debt financing through a project finance agreement with PKO Bank Polski, one of the largest financial institutions in Central and Eastern Europe. The funds will support Econergy’s first solar venture in Poland, known as the Resko project.
The financing enables Econergy to strengthen its footprint in Central and Eastern Europe, positioning the company as a significant player in the renewable energy sector. This funding arrangement also helps Econergy manage risk effectively and capitalize on favorable financing terms, aiding the successful implementation of the Resko project.
Phoenix Insurance has shown confidence in Econergy's operations by converting a €4.2 million loan into a 49% equity stake in the project's Special Purpose Vehicle (SPV) management. The remainder of the loan will be converted into an unsecured shareholder loan, which accounts for 49% of the total shareholder loans provided to the project entity.
Located in the city of Resko, within the Zachodnio-Pomorskie Municipality, the solar project boasts an estimated capacity of 52 megawatts (MW). The project’s completion is anticipated within the upcoming months, with the overall construction costs estimated at €41 million. This venture marks an important milestone as Econergy's inaugural project in the Polish renewable energy market.
Source: CEENERGYNEWS
