Econergy has closed a EUR60 million (US$65.5 million) funding facility with Austrian bank Raiffeisen for its 155 MW Ratesti solar project in Romania.
The project was acquired by the company in November 2021, during its advanced construction phase. This EUR102 million (US$65.5 million) investment is noteworthy for deviating from conventional power purchase agreements (PPAs). In a unique approach, Econergy and its partner, Nofar Energy, will fund the project independently of a PPA. Econergy stands to receive EUR30 million (USD 32.8 million) for its Engineering, Procurement, and Construction Management (EPCM) services. Additionally, the company has secured a ten-year contract to oversee facility management, including the management of revenue from electricity merchant sales.
