Econergy Renewable Energy has secured €200m for its Romanian and Polish solar projects through joint ventures with Phoenix Insurance and RGreen Invest.
Econergy said Israeli insurer Phoenix Insurance has backed the company with €150m to support the construction of a number of solar projects in Romania and Poland that are expected to start construction during 2022.
The loan will be divided into €110.25m as a convertible loan and €39.75m as a permanent loan. Phoenix will have the right to convert the convertible loan granted to the projects for 49% of the shareholders’ capital and owners loans of the project partnerships.
French asset manager RGreen is also providing €50m in equity and loan to support the construction of Econergy’s 90MW Romanian solar project in Parau.
Econergy said RGreen will also make available a development fee to Econergy of €9m and nearly €5m for management services for the construction work and management services for the project’s connection to the electricity grid for a period of 10 years.
Eyal Podhorzer, Econergy’s CEO said: “We are pleased to be developing our strategic partnerships with both Phoenix Insurance and RGreen to support the development, construction and maintenance of our Romanian and Polish renewable energy projects.
“Romania and Poland both represent key target markets for Econergy, and these joint ventures will support the timely and effective delivery of our projects in these countries.
“The agreements with Phoenix Insurance and RGreen are an expression of trust in Econergy’s business model and in our growth plans to develop clean energy infrastructure across Europe. We will continue to take action to expand and to progress the projects in our pipeline in the various markets we operate in as we look to play a leading role in the energy transition in Europe.”
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