Up to 130 million euros will become available within the first 12 months and a further investment of up to 30 million euros available beyond that period. Phoenix has a longstanding relationship with Econergy under a 225 million euro financing framework agreement already in place.
Romania is a key market for Econergy, where the company has an established portfolio spanning solar, BESS, and wind, with 1.1 GW currently under construction or ready for connection. Integrating BESS with its existing and under-construction solar PV projects is a key part of Econergy’s strategy as it continues to expand in the market and is an area Phoenix is supporting through its prior commitment.
Separate from the 160 million euro investment, Phoenix will complete a further 43 million euro investment under its existing 225 million euro framework agreement, of which 38 million euros is earmarked to fund the development of these solar-plus-storage projects.
“Romania is a key European market for us and, since our entry in 2021, we’ve established a strong and diversified portfolio there” said Eyal Podhorzer, CEO of Econergy. “This investment gives us the capacity to move forward with and execute our plans, supporting the continued build-out of our portfolio. It also puts the holding and financing structure of our Romanian activity on a clear footing alongside a partner we have worked with for years. We’re very pleased to be deepening our partnership with Phoenix as we take the next steps in Romania.”
Earlier this month, the company brought its first co-located solar-plus-storage project into commercial operation at Parau 1 in Romania. The 70 MW/141 MWh BESS is now operating alongside the existing 92 MW solar project, bringing the project’s combined installed capacity to 162 MW.
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