Econergy has initiated commercial operations at a 92MW solar park in Parau, Romania, marking another milestone in its expanding renewable energy portfolio. The project, now supplying electricity to the grid, is a joint venture between Econergy and RGreen, a French renewable energy investment fund.
Econergy played a crucial role in the project's development, providing engineering, procurement, and construction management services. The company will also oversee asset management for the next decade as the plant continues to operate.
This development underscores Econergy's growing presence in Romania, with a current installed capacity of 247MW and plans for further expansion. In late 2023, Econergy connected its Ratesti solar park, boasting 155MW of capacity, one of the largest in Romania's history.
Looking ahead, Econergy's pipeline is set to expand significantly, with a projected capacity of 2.2GW upon completion, including an additional 500MW expected to be connected by the end of 2024.
Eyal Podhorzer, Co-Founder and CEO of Econergy, expressed optimism about the company's trajectory, stating, “This connection builds on the incredible momentum with which we have entered 2024. Econergy expects to connect almost 500MW in Romania by the end of the year, and already operates the country's largest PV park, Ratesti.”
He added, “We are establishing ourselves as a key player in the Romanian energy ecosystem, providing much-needed clean and secure energy.”
Econergy's recent achievements have attracted investor interest, with the company securing a €150m debt financing agreement with Rivage Investment, a leading French asset manager. Additionally, Econergy recently acquired UBS's share of its jointly developed Italian renewable projects, gaining full ownership of approximately 440MW upon completion.
The company also secured a €60m financing agreement with Raiffeisen Bank International AG last year to support its Ratesti solar project. These developments highlight Econergy's commitment to expanding its renewable energy footprint and solidifying its position as a major European independent power producer.
