Econergy Secures €229 Million Financing for Romanian Energy Project
Econergy, traded on the Tel Aviv Stock Exchange, has signed a financing agreement totaling approximately 229 million euros for an energy project in Europe, which features a strong revenue forecast.
The Israeli renewable energy company Econergy, traded on the Tel Aviv Stock Exchange, has reported two major developments in Romania that strengthen its position as a leader in the European energy market.
Econergy has signed a financing agreement worth approximately 229 million euros. The financing was provided by a group of leading European banks led by the European Bank for Reconstruction and Development (EBRD). The project includes a combination of a solar power generation facility and a battery energy storage system. The project is currently under construction and is expected to connect to the power grid in early 2028.
The total investment is estimated at approximately 241.6 million euros. The project won a government tender that guarantees a fixed and protected price for electricity sales for 15 years. The company expects average revenues of approximately 45.5 million euros per year from electricity sales during the first five years of operation.
"In parallel with entering the French market, we continue to establish our position in countries where we already operate. In Romania, we are leading the renewable energy market. This status is strengthened by the connection of the new project to the grid and the closing of significant financing for this flagship project. The financing agreement is an expression of confidence by a group of leading banks in Europe," said Eyal Podhorzer, CEO of Econergy.
