Econergy Renewable Energy has formed two joint ventures to develop renewable energy projects in Romania and Poland. Econergy currently has 6 GW of ongoing projects in Europe. Econergy is an international IPP (independent power producer) of utility-scale renewable energy projects.
The company formed joint ventures with Phoenix Insurance of Israel and RGreen Invest of French with an investment of 200 million euros ($227 million).
Phoenix Insurance will invest 150 million euros in Econergy to support the company’s renewable projects in Poland and Romania construction of which will start this year.
RGreen Invest will provide 50 million euros in loan and equity to support the 90 MW solar project of Econergy in Romania construction of which will begin in the second quarter of 2022.
Econergy CEO Eyal Podhorzer said, “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.
“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.”
Recently, Econergy Renewable Energy planned to develop 900 MW of solar photovoltaic (PV) and 800 MW of renewable energy storage in Britain in the coming 3 years. The company has bought a 50 MW storage project in Yorkshire, England from Yoo Energy, a United Kingdom renewables developer.
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