On November 4, Israeli independent renewable energy producer Econergy Renewable Energy announced that it has reached a €25 million financing agreement with Romania’s Vista Bank, specifically designated for its Scurtu Mare solar project located in Teleorman County, Romania. With an installed capacity of 56 MW, this financing will provide crucial capital support for the project’s operational optimization.
According to the announcement, the funds will be primarily used for refinancing, specifically to replace previous shareholder-provided loans and the bridge loan extended to the project company by Phoenix Group, thereby optimizing the project’s debt structure. The loan terms indicate that the interest rate adopts a floating model based on the 3-month Euro Interbank Offered Rate (EURIBOR) plus a spread of 2.5% to 3.5%, with the creditor retaining the right to adjust the spread based on actual circumstances. The loan term extends until October 30, 2040, with repayments of principal and interest scheduled quarterly starting December 31, 2025, including a principal grace period until March 31, 2026.
Concurrent with the financing secured, Econergy announced a project expansion plan, proposing to add a 42 MW / 84 MWh Battery Energy Storage System (BESS) to the solar project, requiring an additional investment of €12 million. The company estimates that once the energy storage component is operational, it is expected to generate approximately €5 million in additional annual revenue, with about €4 million in EBITDA. This data is based on the average level during the project’s first five full years of operation.
This financing round is a key part of Econergy’s global financing strategy. The company stated that the project financing model supports balanced business growth while ensuring financial stability and the efficient use of capital. According to the plan, Econergy is expected to achieve financial close on a total of approximately €514 million before the first half of 2026.
