Econergy Ltd, a leading European renewable energy independent power producer (IPP), has secured a new equity investment of €160 million from Phoenix Financial.
The agreement establishes a newly created UK holding company that will consolidate ownership of 16 Romanian projects, supporting Econergy’s continued growth in that market.
The funding will be drawn over the 18 months following completion of the transaction, with up to €130 million available within the first 12 months and a further investment of up to €30 million available beyond that period. This comes alongside Phoenix’s longstanding relationship with Econergy under a €225 million financing framework agreement already in place.
Romania is a key market for Econergy, where the company has an established portfolio spanning solar, battery energy storage systems (BESS), and wind, with 1.1 GW currently under construction or ready for connection. Integrating BESS with its existing and under-construction solar photovoltaics (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 investment, Phoenix will complete a further €43 million investment under its existing €225 million framework agreement, of which €38 million is earmarked to fund the development of these solar-plus-storage projects.
Eyal Podhorzer, CEO of Econergy, responded: “Romania is a key European market for us and, since our entry in 2021, we’ve established a strong and diversified portfolio there. This investment gives us the capacity to move forward and execute our plans, supporting the continued buildout 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 in September 2026, the company brought its first co-located solar-plus-storage project into commercial operation at Parau 1 in Romania. The 70 MW/141MWh 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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