Econergy has signed financing agreements for its Parau 2 solar and battery energy storage project with a six-lender consortium for an aggregate financing package of approximately €229 million.
Parau 2 will combine a 342 MWp solar photovoltaic power plant with 150 MW of co-located battery energy storage system. The battery system will allow electricity generated on site to be stored and dispatched when the grid needs it, supporting the integration of renewable energy and improving the flexibility of Romania’s electricity system.
Parau 2 also secured the largest capacity award in Romania's CfD mechanism, 125 MW(ac) at €49.4/MWh for 15 years from commercial operation, expected in late 2027 or early 2028, locking in long-term revenue stability and a strong financing profile.
The financing consortium comprises the European Bank for Reconstruction and Development (EBRD), the Black Sea Trade and Development Bank (BSTDB), Exim Banca Româneasca S.A., NLB d.d., OTP Bank Plc, and Banca Comerciala Intesa Sanpaolo România, together with its subsidiary Privredna banka Zagreb d.d. Approximately €114.4 million of the main facility is supported by an EU InvestEU guarantee. Financial closing is expected within approximately three months, and drawdown remains subject to customary conditions under the financing agreements precedent, which Econergy estimates will be satisfied within approximately three months of signing.
Currently under construction, Parau 2 is expected to enter commercial operation in late 2027 or early 2028. Once operational, the project is expected to increase Romania’s renewable electricity generation capacity, reduce greenhouse gas emissions, and support the reliability of the national power system.
Eyal Podhorzer, CEO of Econergy, commented: “Securing €229 million on Parau 2 is a milestone for Econergy and for the Romanian market. Six leading international lenders committed to our flagship project on terms that reflect their confidence in how we build and operate, and that gives us the platform to move on the rest of our European pipeline.”
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