Phoenix Insurance has agreed to a loan agreement of EUR150 million with Econergy Renewable Energy, a renewable developer in Israel. This will help support its pipeline for solar PV projects in Romania as well as Poland.
The loan, initially agreed upon by the parties in February 2022, will be granted mostly in the form of a convertible loan (EUR110 million), the remaining EUR40 million as a fixed loan, and two-thirds of the loan that is EUR100 million will go to its Romania pipeline.
Econergy will be able to support Econergy’s ambitions to expand and develop its Romanian and Polish solar projects while still maintaining financial flexibility.
The renewables developer has over 1.7GW of projects in progress in Romania. 300MW have already been constructed. Recently, Econergy also signed an EPC Agreement for 172MW in solar projects.
The company also has over 1.6GW worth of renewables in development in Poland and is currently constructing its first 50MW solar PV plant.
Eyal Podhorzer is Econergy’s CEO. He stated, “We view this as an important expression by a leading financier – both in the company and in its business model, especially in light of the uncertainty that characterizes the global capital- and energy markets.”