Israel-based independent power producer (IPP) Econergy has initiated commercial operations at a 92MW solar PV project in Romania.
Situated in Parau, the project is jointly owned by Econergy and the French renewable energy investment fund RGreen. Econergy oversaw the engineering, procurement, and construction (EPC) management services throughout the development of the solar PV plant. Additionally, Econergy will continue to offer asset management services for the next decade during its operational phase.
Econergy’s solar capacity in Romania has expanded to 247MW following the completion of the Parau project. This milestone comes after the commencement of commercial operations at the 155MW Ratesti solar project in November 2023. The Ratesti project, which carries a construction cost of €102 million (US$111.74 million), is a joint venture between Econergy and Israeli solar company Nofar Energy, with each holding an equal share.z
Eyal Podhorzer, co-founder and CEO of Econergy, announced the company’s ambitious plan to connect nearly 500MW of solar capacity in Romania by the end of the year.
In the beginning of 2023, Econergy revealed the completion of a €150 million (US$157.7 million) loan pact with Phoenix Insurance to bolster its portfolio of solar PV ventures in Romania and Poland. The agreement, initially established between the entities in February 2022, primarily consists of a convertible loan amounting to approximately €110 million, with the remaining €40 million provided as a fixed loan. Notably, €100 million of the fixed loan is designated for Econergy’s projects in Romania.
