European clean energy developer Econergy has secured €150m debt financing from Rivage Investment to help progress its development of a portfolio of solar, wind and storage projects across the continent.
The independent power producer (IPP) said the loan will also support the ongoing development and construction in its primary target markets of Italy, Poland, the UK and Romania.
Rivage’s investment comes as Econergy has also taken a major step towards its goal of becoming an IPP. The company has acquired UBS’s share in their jointly developed Italian renewable projects, securing full ownership of approximately 440MW of clean energy capacity upon completion.
Eyal Podhorzer, co-founder and CEO of Econergy, said: “2024 will be a big year for us as we continue to grow and transform the company and I’m delighted that we are beginning it with such significant momentum. I am excited and grateful that Rivage is embarking on this partnership with us, driving forward our shared clean energy ambitions across Europe.”
Podhorzer added that the investment, alongside Econergy’s decision to buy UBS’s shares in the Italian pipeline, demonstrates Econergy’s “proactive and successful year so far, progressing our strategy to become an IPP, owning projects from conception to commercial operations”.
“In the coming weeks we are expected to connect our 92MW PARAU PV project in Romania, which will join the 155MW Ratesti PV plant in generating much needed low carbon power for the country,” said Podhorzer.
Hervé Besnard, CEO of Rivage Investment, said: “We are delighted to accompany Econergy’s strong growth trajectory and to help finance its transition to become a pan-European IPP. We are excited to support Econergy through this journey and to be their partner of choice to reach the next stage of their development.
“We share Econergy’s mission of contributing to produce power with purpose and to promote the decarbonisation of power grids in countries as diverse as Italy, the UK, Poland and Romania.”
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