The European Bank for Reconstruction and Development (EBRD) is supporting Romania’s transition to clean energy with a financing package of up to 120 million euros for the development, construction and operation of Econergy’s Părău 2 project: a 342 MW solar photovoltaic plant with a co-located 150 MW/300 MWh battery energy storage system in Brașov.
The financing consists of an EBRD A loan of up to €57 million, alongside an EBRD B loan of up to €63 million (which includes a €3.6 million debt service reserve facility provided by commercial banks Privredna banka Zagreb and NLB).
The project is being co-financed by the Black Sea Trade and Development Bank, OTP Bank and Exim Banca Românească as part of an aggregate debt financing package of up to €229 million.
Georgios Gkiaouris, the EBRD’s Head of Energy Europe, said: “Econergy’s Părău 2 project represents an important step in Romania’s energy transition. By financing one of the country’s pioneering solar and battery storage investments, the EBRD is helping to increase the generation of renewable energy, strengthen energy security and support a more resilient and flexible electricity system. The support of the European Union through InvestEU demonstrates how public and private partners can work together to mobilise financing for the green transition.”
Eyal Podhorzer, CEO of Econergy, said: “Closing €229 million on Părău 2 is a milestone for Econergy and the Romanian market. The EBRD’s leadership was decisive in bringing together a consortium of six international lenders 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.”
The project is backed by Romania’s Contract for Difference scheme, which was developed with EBRD technical assistance and aims to unlock 5 GW of solar and onshore wind capacity. The solar plant has secured a 125 MWac allocation in the first auction at a strike price of €49.4/MWh for 15 years, while the remaining capacity will operate on a merchant basis.