Israeli independent power producer Econergy Renewable Energy Ltd (TLV: ECNR) has secured EUR 33 million (USD 35.5 million) in bank financing from Polish lender PKO Bank Polski for its 52-MW Resko solar park in Poland. The project is expected to be connected to the grid in the coming months.
The senior debt facility will support the development of Resko, Econergy's first photovoltaic (PV) project in Poland. The total construction cost for the project is estimated at EUR 41 million.
In addition to the financing, Phoenix Insurance has converted a EUR 4.2 million loan into a 49% equity stake in the special purpose vehicle (SPV) behind the Resko project. The remaining portion of the loan will be converted into an unsecured shareholder loan, which will also account for 49% of the total shareholder loans to the project entity.
Econergy also noted that Phoenix Insurance has the option to convert loans into equity for four of its ongoing projects in Romania, totaling 200 MW of capacity, which are in the advanced stages of construction.
