Econergy Renewable Energy, a publicly traded company listed on the Tel Aviv Stock Exchange under the symbol ECN, has signed a €25 million project finance agreement with Romanian business bank Vista Bank S.A. to support its 56 MW Scurtu Mare solar project in Teleorman County, Romania.
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Variable-rate loan based on EURIBOR plus margin
The funds will be used to refinance shareholder and bridge loans previously granted for the project’s construction. The loan features a variable interest rate, calculated as the three-month EURIBOR – the reference rate at which major European banks lend to one another for three months – plus a margin of 2.5 to 3.5 percent. The loan will mature on 30 October 2040, with repayment starting on 31 December 2025 after a short grace period.
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Additional €12 Million invested in battery storage on site
Aligned with its hybridisation strategy, Econergy plans to add a 42 MW battery energy storage system (BESS) with a capacity of 84 MWh to the site, representing an additional €12 million investment. The BESS is expected to generate €5 million in annual revenue and €4 million in EBITDA (earnings before interest, taxes, depreciation and amortisation) in its initial years of operation.
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Romanian market open for BESS
The Romanian market presents opportunities for project developers. For instance, Trina Storage, the energy storage subsidiary of Trina Solar, has signed its first battery energy storage system (BESS) project in Romania together with general contractor Allview. The 65 MWh site in Toplița, central Romania, is a key component of both companies’ expansion strategy in Eastern Europe. (mg)
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