Raiffeisen Bank International and Raiffeisen Bank Romania granted a loan in the amount of 40.5 million euro to a company from the Shikun and Binui Energy group in Israel for the construction of a photovoltaic power plant, with a total installed capacity of approximately 70 MW, in the north- the west of Romania.
At the end of last year, Shikun and Binui Energy signed a contract with a European EPC contractor for the turnkey construction of the photovoltaic park, including design, civil, mechanical and electrical engineering, equipment procurement and construction. Design work and procurement of main equipment have already started, and commissioning is planned for the second quarter of next year. The electricity produced will be sold on the centralized electricity market in Romania or through PPA contracts to traders and/or electricity suppliers to be supplied to final consumers.
“The financing contract we concluded with the Raiffeisen group for the Satu Mare project marks a milestone for us, the transition to another level in the development of the company’s global operations. After several years of intense development in the energy sector in Romania, our first project has reached the stage of being financed and we can start construction. Our cooperation with Raiffeisen Group – a leading international banking group – is the full confirmation of confidence in Shikun and Binui Energy’s ability to develop and realize projects,” said Yuval Skornik, Vice President Business Development Shikun and Binui Energy.
“Shikun and Binui Energy recognize CEE and especially Romania as strategic markets, taking into account geopolitical and macroeconomic developments in the region. The Satu Mare project is for us the first major investment on the Romanian and European market and represents the first step in the implementation of the company’s development strategy and the vast portfolio of high-quality projects that we implement,” added Didi Paz, CEO of Shikun and Binui Energy .
“Investments in new energy infrastructure are of interest to all of us today, and the Satu Mare project represents a significant contribution to a climate-neutral future. We are delighted to have been able to support Shikun and Binui Energy in their first photovoltaic project in Romania, one of our core markets in the region. RBI is committed to promoting renewable energy, which will facilitate the transition to a green energy in CEE, together with our customers,” said Peter Marx, director of Structured and Project Finance at Raiffeisen Bank International.