Press Release

Econergy secures 28 million Euro financing for its Iancu Jianu solar project in Romania

Econergy Renewable Energy Ltd. is pleased to announce that its subsidiary, Econergy UK, has signed a financing agreement for €28 million in project funding for the Iancu Jianu solar photovoltaic (PV) project in Romania. The project, which has an installed capacity of approximately 58 MW, is currently under construction and expected to be connected during 2025.
Econergy

Kommunalkredit Austria AG, a leading financial institution specializing in infrastructure and renewable energy projects, provides the financing. Kommunalkredit Austria AG is recognized for its commitment to facilitating sustainable investments and supporting the transition to a low-carbon economy. Their collaboration with Econergy underscores Europe’s shared vision of advancing renewable energy deployment.

  • Loan Breakdown: The €28 million loan includes about €26 million earmarked for project construction costs and repayment of pre-existing owner loans and approximately €2 million allocated for VAT expenses.
  • Interest: The loan will carry an annual interest rate based on the six-month EURIBOR, with a yearly margin of 4%-5%. As this short-term loan is intended to cover the project’s construction and initial operation phases, the company plans to refinance it with a long-term loan at a lower interest rate.
  • Repayment Schedule: Principal and interest payments will be made semi-annually starting December 31, 2025. A balloon payment will be made for any remaining principal at the final repayment date.

Econergy continues to lead the PV sector in Romania, operating projects with a total capacity of around 250 MW, including the Ratesti project – the largest solar project in operation in the country. The company’s Romanian portfolio includes 20 photovoltaic projects and two wind projects, with a total capacity of 2.1 GW that are in development and operation. Five further projects, including the Iancu Jianu project, with a total capacity of over 250 MW, are expected to be connected to the grid in the coming months.