Israel-based company Econergy Renewable Energy Ltd. has entered project finance partnerships with Phoenix Insurance and RGREEN INVEST worth over €200 million – EQ Mag Pro
Israel-based company Econergy Renewable Energy Ltd. has entered project finance partnerships with Phoenix Insurance and RGREEN INVEST worth over €200 million to support developments in Romania and Poland.
“We are pleased to be developing our strategic partnerships with both Phoenix Insurance and RGreen to support the development, construction and maintenance of our Romanian and Polish renewable energy projects,” stated Econergy CEO Eyal Podhorzer.
“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.”
In the first joint venture, Phoenix Insurance will invest €150 million to help Econergy launch construction works in Romania and Poland during 2022. The loan includes €110.25 million as a convertible loan and €39.75 million as a permanent loan.
Phoenix will have the right to convert the convertible loan within 60 days of commercial operation to acquire 49% shareholding in the renewable energy developments it helped finance.
Meanwhile, RGreen Invest will provide €50 million in equity and capital loans to help realise a 90 MW solar project in Parau, Romania.
RGreen will also issue a development fee of €9 million and nearly €5 million to cover management services for the project’s construction and grid connection.
Podhorzer added: “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.”