Israeli RE Investor Econergy Secures €200 M for JVs in Poland, Romania

Highlights :

  • The joint ventures are with Israel’s Phoenix Insurance and French asset manager RGreen Invest, totalling more than 200 million euros ($227 million).
  • Phoenix Insurance will provide Econergy 150 million euros for green projects in Poland and Romania, and RGreen Invest will loan 50 million euros to Econergy for green projects in Parau, Romania.

Renewables investor Econergy Renewable Energy has announced that it has secured two joint ventures to support the development of renewable energy projects in Poland and Romania.

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The joint ventures are with Israel’s Phoenix Insurance and French asset manager RGreen Invest, totalling more than 200 million euros ($227 million), Econergy said in a statement.

Phoenix Insurance will provide Econergy 150 million euros to support a number of the company’s renewable energy projects in Romania and Poland that are expected to start construction this year.

RGreen Invest will provide around 50 million euros in equity and a loan to support Econergy’s 90 megawatt solar project in Parau, Romania, which is expected to begin construction in the second quarter of this year and be connected to the grid in the first quarter of next year.

Eyal Podhorzer, Econergy’s CEO, said, “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.”

“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,” he added.

Last month, Econergy announced its plans to develop a portfolio of 800 megawatts (MW) of renewable energy storage and 900 MW of solar photovoltaic (PV) capacity in Britain over the next three years.

The firm said it plans to develop 350 MW of energy storage capacity for operation in 2023, 300 MW for 2024 and 150 MW for 2025. It also aims to develop 900 MW of solar PV projects by early 2025, a spokesperson of the company said.

As a first step, Econergy has acquired a 50 MW storage project in Yorkshire, northern England, from UK renewables developer Yoo Energy, for an undisclosed sum.

The company is listed on the Tel Aviv stock exchange and develops solar PV, wind and storage projects in Europe, including Britain, Italy, Spain, Romania and Poland. It currently has 6 gigawatts of projects under development across Europe.

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