Israeli independent power producer Econergy Renewable Energy has finalised a loan deal worth €150m to support the construction of projects in Romania and Poland.
Phoenix Insurance, the largest insurer in Israel, will provide Econergy with €100m and €50m to invest in Romanian and Polish solar PV pipelines respectively.
As part of the agreement, approximately €110m will be granted in the form of a convertible loan and a total of around €40m will be a fixed loan.
Econergy has a pipeline of over 1.7GW of solar projects in development in Romania, of which some 300MW is already in construction.
In Poland, it has a pipeline of over solar 1.6GW under development and has started building its first project, comprising 50MW.
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Econergy’s chief executive Eyal Podhorzer said the backing by Phoenix was “an important expression of confidence by a leading financier – both in the company and in its business model – especially against the background of the uncertainty that characterizes the global capital and energy markets”.
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He added: “This new agreement marks a vital step in Econergy’s development and will support our ability to implement ready-made projects from our large backlog while maintaining financial flexibility.”
