Econergy Secures $162 Million in Loans to Support Solar Projects | MarketScreen

Renewable Energya Israel-basic investment, development, and management of renewable energy projects, completed a EUR150 million (~$162 million) loan agreement with the Britain-based Phoenix Insurance to support the construction of part of its pipeline of solar photovoltaic (PV) projects in the country Romania and Poland.

Phoenix Insurancean insurance company, will provide Strength and EUR100 million (~108 million) for the internal pipeline company’s work Romania and EUR50 million (~$55 million) projects i Poland.

Part of the agreement, approx EUR110 million (~$118 million) will be issued as a convertible loan, with an amount of circa EUR40 million (~$43.2 million) will be given as a permanent loan.

In addition to Rgreen Invest’s EUR350m investment plan, this new agreement marks an important step in Econergy’s development and will support our ability to carry out planned projects from large expenditures while maintaining financial flexibility. We are making strong progress in the development of this complex, and we expect to see revenues from related projects starting in the second quarter of this year,’ said a Eyal Podhorzer, Econergy’s Chief Executive Officer.

Inside Romania, Strength there are 1.7 GW of pipeline projects under development, of which construction has begun for over 300 MW.

The company has a pipeline of over 1.6 GW under development in Poland and has started construction of its first 50 MW solar PV project.

With a total project pipeline of over 6 GW of solar PV and wind projects on the other hand Europe and an additional 2.6 GWh of storage projects, Strength expected to have about 3GW of renewable energy projects connected to the grid by the end of 2024.

Earlier this month, France-strong company foundation ENGIE said to have moved EUR2.75 billion (~ $2.9 billion) after completing its third green label issue. The deal provided an average coupon with a duration of 3.93% and 12.4 years.

According to the Merccom Annual and Q4 2022 Solar Funding and M&A report, the financing of major projects in 2022 has come. $32.1 billion in 179 project financing, p $18.7 billion to 185 projects by 2021.

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