French asset manager RGreen Invest has expanded its partnership with Econergy Renewable Energy with a further €87.5m investment.
RGreen is investing the additional capital in the form of equity to help the European renewables firm strengthen its pipeline development and growth plans.
RGreen’s investment, together with €163m worth of investment will directly support the construction of solar and wind projects across Europe, which includes RGreen’s previous €50m commitment. The total €250m investment will be made through the RGreen’s Infragreen IV and V funds.
In February, RGreen provided the €50m to support the construction of Econergy’s 90MW Romanian solar project in Parau. The pair have already partnered on four investment projects.
Olivier Guillaume, CIO of RGreen Invest, said: “This transaction strengthens our long-term relationship with Econergy and reflects our shared ambition to foster the growth of independent pan-European renewable energy producers and help them scale up their operations.”
Eyal Podhorzer, Econergy’s CEO said: “We are delighted with the investment from the Infragreen funds and the expansion of our strategic cooperation with RGreen Invest. Our partnership dates back to 2016 and has steadily grown stronger due to the trust-based relationship between our teams, as well as the values and alignment of interests that have consistently supported it.
“This latest agreement highlights the growing confidence of investors in Econergy’s business model and growth plans, which in 2022 has seen us launch the construction of utility-scale solar and storage projects in four different markets.
”With a pipeline of 224 projects and development capabilities that are significant, while there is volatility in the market, we are ready to make the leap to reach this next milestone that will benefit all company stakeholders.”
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