Econergy secured financing agreements totaling approximately €229 million ($265 million) to develop Părău 2, a project that will combine photovoltaic solar generation and battery energy storage in Brașov County, Romania.
The complex will feature a 342 MWp photovoltaic solar plant and a battery energy storage system (BESS) of 150 MW/300 MWh installed at the same site.
Six Entities Participate in Părău 2 Financing
The financial package brings together six entities: Banca Comercială Intesa Sanpaolo România along with its subsidiary Privredna banka Zagreb, the Black Sea Trade and Development Bank, the European Bank for Reconstruction and Development (EBRD), Exim Banca Românească, NLB, and OTP Bank.
The EBRD will provide up to €120 million through an A loan of up to €57 million and a B loan of up to €63 million.
The B loan incorporates a €3.6 million credit line for debt service provided by Privredna banka Zagreb and NLB.
Intesa Sanpaolo and Exim Banca Românească will jointly provide a €25 million line for VAT. They will also contribute another €9.5 million to support Părău 2’s participation in the contract for difference (CfD) scheme.
InvestEU Backs Part of Financial Package
Approximately €114.4 million of the main credit line is backed by a guarantee from the European Union’s InvestEU program.
This guarantee aims to reduce risks related to the project’s revenue exposure to the power market.
The loan agreements remain subject to customary conditions. According to available information, financial close is scheduled within three months.
Părău 2 Will Integrate 342 MWp of Solar Energy and a 300 MWh BESS
One of the central elements of Părău 2 will be the integration of the photovoltaic plant with a BESS system of 150 MW power and 300 MWh storage capacity.
This way, electricity produced by the solar panels can be stored and subsequently supplied to the grid when needed.
This configuration will enable more flexible management of renewable production and will contribute to the integration of solar energy within Romania’s power system.
Project Secured 125 MW in Romania’s First CfD Auction
Părău 2 secured the largest capacity award in Romania’s first contract for difference auction.
The project received an allocation of 125 MW in alternating current, with a strike price of €49.4/MWh for 15 years from the start of operations.
Generation capacity outside this allocation will be exposed to power market prices.
This scheme thus combines CfD-backed revenue with a portion of generation traded under market conditions.
Părău 2 Would Begin Commercial Operations in 2028
The project is currently under construction, and Econergy expects to begin commercial operation in early 2028.
The financing provides backing to advance an energy complex that will combine 342 MWp photovoltaic capacity with battery storage at a single site.
Eyal Podhorzer, CEO of Econergy, noted that the commitment from six international financial entities reflects lenders’ confidence in the company’s ability to build and operate its projects. He also indicated that the transaction provides a platform to advance Econergy’s other European developments.
Source: Power Technology
Photo: Shutterstock
