This interview features Joshua Murphy, who progressed from storage design to head of the energy storage division and now oversees business strategy, contract design, financial modelling and route-to-market contracting. Founded in 2009, Econergy operates in seven European countries, combining local expertise with international financing to develop photovoltaic, wind and battery storage projects.
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The discussion addresses market opportunities, including Germany’s high revenue potential compared with growth in central and eastern Europe, as well as challenges such as grid congestion, regulatory reforms, project readiness and the shortage of skilled labour. The interview also explores hybrid battery-solar projects, innovative designs including agrivoltaics and the broader geopolitical and energy policy context influencing renewable integration.
Mr Murphy, what is your professional background and how did you move into energy storage at Econergy?
My background is rooted in utility-scale solar and storage design, supported by earlier work at SMA in application engineering. I joined Econergy as head of storage design and integration. As the company’s strategy evolved, I moved into the role of head of energy storage to support all battery operations. Today, my responsibilities centre on business planning, forecasting, contracting and coordination with project finance teams.
Where are Econergy’s operational markets located geographically?
Econergy operates in seven key markets: Romania, Italy, the UK, Germany, Poland, Greece and Spain, with local offices staffed by development, legal and grid experts.
Why is a local presence essential for project development?
Local presence is critical for effective project development, particularly in land acquisition, permitting, grid connection processes and stakeholder engagement. Market maturity varies across regions. Germany offers a high number of ready-to-build projects, while central and eastern Europe remains more focused on development pipelines.
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How is Econergy’s operational scale structured across its markets?
Local teams of 15 to 40 people manage development, permitting, finance and operations in key markets. Madrid hosts specialised project finance teams managing financing and debt arrangements for multiple projects. In some countries, such as Germany, where we are building our operations and pipeline, we are supported by local expertise.
How is project financing structured across your portfolio?
Our financing structure combines equity and debt mechanisms. Equity is raised through listings, strategic investors, bonds on TASE (ECNR) and private equity from insurance companies and funds. Debt financing typically consists of non-recourse project-level debt covering 60–80 percent of project costs, sourced regionally. All projects undergo rigorous technical, financial and legal due diligence by third-party advisors to ensure bank and investor confidence.
What grid connection challenges do you face in central and eastern Europe?
Grid limitations across Europe can slow project deployment. Some market participants secure connections speculatively for resale. Regulatory reforms are underway in the UK, Germany and countries in central and eastern Europe, including Romania, to improve access and streamline processes. Delays in grid connections can be a problem, as they restrict capital deployment and affect economic growth.
What are the current market dynamics and revenue opportunities for battery storage across Europe?
Germany presents high revenue potential due to market liquidity, price volatility and feed-in tariff structures that enable profitable trading for batteries. Central and eastern European markets are growing, with government incentives such as Poland’s capacity market, though overall revenue levels remain lower. Maintaining a presence across multiple markets supports diversification and balances opportunity with risk.
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How does Econergy approach hybrid battery-solar strategies?
The company integrates battery storage with solar assets to optimise market participation and reduce exposure to price volatility. Batteries are increasingly essential for new solar parks, marking a shift away from standalone solar. This approach allows natural hedging, charging during low-price periods and discharging at peak prices, improving asset
What is Econergy’s approach to project development and acquisition?
Greenfield development focuses on robust planning, connection readiness and securing permits. Strategic acquisitions target ready-to-build projects to gain a foothold in competitive markets such as Germany, despite premium costs. Over six months, due diligence was conducted on more than 60 projects in Germany to identify optimal opportunities.
What technical and operational factors determine project success?
Component reliability is critical, with banks assessing spare parts availability, warranties and manufacturer credibility to reduce risk. The complexity and maintenance requirements of trackers affect adoption decisions compared with fixed systems. Local conditions such as altitude, sun exposure and weather variability directly influence solar production yields.
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How do market incentives and support mechanisms influence battery project viability?
Capacity markets in Poland provide long-term contracts that reward battery availability and support grid stability. European funding grants for battery capital expenditure accelerate project feasibility. Projects with government contracts enhance bankability and reduce investment risk.
How do you view the German market in comparison?
In Germany, the market has historically been energy-only. While no final decision has been taken yet, the government is considering the introduction of an ad hoc, market-wide capacity mechanism for delivery around 2031. Current proposals envisage procurement of up to 41 GW of de-rated capacity through competitive, technology-neutral tenders, potentially including longer-term contracts for new capacity. If implemented, this would materially improve revenue visibility and strengthen the investment case for flexible assets such as battery storage, alongside energy and ancillary services revenues.
What challenges do competition and talent shortages pose in the market?
Competition is intense for grid connections, projects and supply chain resources. There is a growing need for experienced professionals in construction, commissioning and battery operations. Grid operators are often under strain, limiting the timely processing of connection requests and slowing market growth.
How do leadership and corporate culture influence the company’s operations?
The company was founded by two longtime friends, Eyal Podhorzer and Yoav Shapira, with complementary operational and financial skills. It maintains a long-term vision, focusing on owning and operating assets throughout their lifecycle rather than pursuing a build-and-flip strategy. That approach influences everything, from disciplined capital allocation to technical execution and risk management. As a publicly listed company, we operate with a high level of transparency. This creates internal accountability and reinforces trust with stakeholders across all markets in which we operate.
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What are the key market trends and the outlook for battery storage in solar projects?
Hybrid projects are expected to become the standard, with most new solar projects incorporating battery storage for resilience and revenue optimisation. Innovative designs, including agrivoltaics and adjusted solar park orientation, aim to optimise generation timing. Batteries will play a central role in maintaining grid stability as fossil fuel generation declines.
What environmental and technical challenges does Econergy face?
Grid balancing through battery storage is essential to manage solar intermittency and maintain energy system stability. Physical and regulatory complexities, such as landowner negotiations, permitting timelines and varying national regulations, present ongoing hurdles. Monitoring and managing component warranties, technical advisors and contingency plans are critical to project success.
What is the current status of the company’s PV portfolio in central and eastern Europe?
The company’s PV portfolio in Romania and Poland reflects a strategic balance between operational projects and a robust development pipeline. In Romania, we have 390 MW already in operation, complemented by 58 MW ready to connect and around 1 GW under construction. Projects in pre-construction add 460 MW, while 1.4 GW are under licence, bringing the total development pipeline to 3.4 GW. In Poland, 52 MW are operational, 105 MW are in pre-construction, around 900 MW are under licence and 1.4 GW are at the initiation stage, totalling about 2.5 GW in development.
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What do you consider Econergy’s flagship projects in central and eastern Europe?
Our flagship projects in the region are undoubtedly Parau 1 and Parau 2 in Romania. Parau 1 combines 92 MW of photovoltaics with a 70 MW / 140 MWh battery storage system. Parau 2 has 343 MW of photovoltaics and a 150 MW / 300 MWh battery storage system. Parau 2 secured a 15-year contract for difference at €49.4/MWh in Romania’s first CfD auction.
How do geopolitical factors and energy policy influence battery adoption?
Batteries reduce exposure to volatile gas prices by storing low-cost renewable energy. Perspectives on nuclear energy vary, with small modular reactors potentially complementing renewable generation. Growing energy demand from data centres drives the need for stable power, supporting diverse solutions including batteries and nuclear.
Interview by Manfred Gorgus
