Romania’s largest solar project secures €60 M funding
Summary
Econergy, a publicly-traded renewable energy company (TASE: ECNR), has announced the closing of a new 60 million facility with Raiffeisen Bank International AG to support its 155 MW solar project in Romania. Ratesti, equally owned by Econergy and Nofar Energy, is the largest solar project in Romania and is expected to connect to the electricity grid imminently. The project company has signed a financing agreement with Raiffeisen Bank International AG, one of the leading banks in Austria and Central Europe, worth 60 million. It is the first financing in Romania, as far as is known, based on electricity merchant sales, without the need for a PPA (Power Purchase Agreement). The financing agreement will allow Econergy to draw 30 million from the project company.