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Econergy, a renewable energy company, has secured a significant funding arrangement with Raiffeisen Bank International AG for the development of what is set to be Romania’s largest solar project. The Ratesti solar project, boasting 155 megawatts (MW) of capacity, represents a major step forward in the country’s renewable energy sector.
The deal, involving a total investment of €102 million, is notable for its departure from traditional power purchase agreements (PPAs). Instead, Econergy and its partner Nofar Energy will finance the project through a PPA-independent model. This innovative approach allows for greater flexibility and could set a precedent for future renewable energy financing.
Under the terms of the agreement, Econergy will receive €30 million after providing Engineering, Procurement, Construction management (EPCm) services. The company is also contracted to manage the facility for ten years, handling the revenue generated from electricity merchant sales.
CEO Eyal Podhorzer expressed optimism about Econergy’s growth trajectory, highlighting that the firm is on track to significantly expand its portfolio. With the addition of the Ratesti project and other ongoing developments, Econergy expects its operating assets to reach approximately 390MW within the next six months. This expansion includes the current 234MW under construction, which will complement Ratesti’s capacity.
The Ratesti solar endeavor is not only a landmark project for Econergy but also a reflection of the growing momentum in renewable energy investments across Central Europe. As countries seek to enhance their green energy credentials and reduce reliance on fossil fuels, projects like Ratesti are likely to become increasingly common.
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