Econergy Renewable Energy, a leading investor, developer and operator in renewable energy projects across Europe, has agreed separate joint ventures with Phoenix Insurance and RGreen Invest totalling over 200 million euro to support the construction of part of its pipeline of projects in Romania and Poland.

Phoenix Insurance, the largest insurance company in Israel, will provide Econergy 150 million euro to support the construction of a number of the company’s solar projects in Romania and Poland that are expected to start construction during 2022.

A separate joint venture has been agreed between Econergy and RGreen. The French asset manager will provide approximately 50 million euro in equity and loan to support the construction of Econergy’s 90MW Romanian solar project in Parau. Additionally, RGreen will make available a development fee to Econergy of 9 million euro and nearly 5 million euro for management services for the construction work and management services for the project’s connection to the electricity grid for a period of 10 years.

Econergy’s Parau project has received all the required permits for construction and connection to the electricity grid and is ready for construction. Econergy estimates that the project will start construction during Q2 2022 and will be connected to the grid no later than Q1 2023.

Econergy has significant operations in Romania with a pipeline of projects in development of over 1.5GW, of which approximately 400MW are expected to begin construction during 2022. In Poland, Econergy has a pipeline of over 550MW under development and the Company has already started the construction of its first project there of 50MW.

“We are pleased to be developing our strategic partnerships with both Phoenix Insurance and RGreen to support the development, construction and maintenance of our Romanian and Polish renewable energy projects. Romania and Poland both represent key target markets for Econergy, and these joint ventures will support the timely and effective delivery of our projects in these countries,” said Eyal Podhorzer, Econergy’s CEO.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.