Econergy secures €31 million project financing from Kommunalkredit for 60 MW Ovidiu solar PV project in Romania

Econergy has secured $31 million in project financing from Kommunalkredit for its 60 MW Ovidiu solar PV facility, currently under construction in Romania. This capital infusion specifically targets the project's development and construction costs, alongside refinancing existing shareholder loans, thereby optimizing the financial structure as the asset approaches commercial operation. A forward-looking element of this deal involves Econergy's stated intention to integrate a battery energy storage system at the Ovidiu site, with construction of the storage component expected to begin by the end of 2026. This hybridisation strategy in Romania aims to enhance the 60 MW project's grid contribution and long-term revenue streams. The financing ensures the Ovidiu project's progression through its critical construction phase, solidifying its path to full operational status. This $31 million transaction represents Econergy’s second project finance agreement with Vienna-based Kommunalkredit, deepening a relationship that supports the Tel Aviv-based IPP's capital structure. Econergy, with its extensive pipeline of over 16 GW of solar PV and wind projects and 10 GWh of battery storage across Europe, leverages this financing to scale its bankable renewable assets. For Kommunalkredit Austria AG, a specialist bank for infrastructure and energy financing wholly owned by the Austrian federal government, this deal aligns with its mandate to deploy capital into European energy transition projects. The bank, reporting total assets of €5.6 billion as of 2023, continues to back experienced developers like Econergy in the Romanian market. This repeated engagement between the two parties demonstrates confidence in the 60 MW Ovidiu project's viability and the broader Romanian renewable energy sector.