Renewables developer Econergy and French financier RGREEN INVEST have expanded their monetary partnership with a further €250 million (US$259 million) of project-specific funding.
RGREEN will present €87.5 million (US$90 million) – at a pre-money valuation of €350 million (US$363 million) – to the British subsidiary of Econergy to strengthen the corporate’s pipeline of tasks within the UK. Econergy will present engineering, procurement and development administration, in addition to asset administration, companies for its UK tasks for at least ten years.
As well as, RGREEN INVEST will present €163 million (US$169 million) to finance the development of Econergy’s photo voltaic and wind tasks throughout Europe. This consists of the 2 corporations’ earlier monetary collaboration on tasks in Romania.
“This newest settlement highlights the rising confidence of buyers in Econergy’s enterprise mannequin and development plans, which in 2022 has seen us launch the development of utility-scale photo voltaic and storage tasks in 4 totally different markets,” mentioned Econergy CEO Eyal Podhorzer.
“With a pipeline of 224 tasks and growth capabilities which can be vital, whereas there’s volatility available in the market, we’re able to make the leap to achieve this subsequent milestone that can profit all firm stakeholders.”
Econergy has a big foothold within the UK and Europe already. In January of this 12 months, PV Tech sister web site Present± reported that the corporate had acquired a 50MW/100MWh battery storage system to kickstart its 800MW UK challenge pipeline.
Final 12 months, Econergy acquired a 155MW photo voltaic PV plant in Romania and in February it obtained a €200 million (US$207 million) funding to develop its pipeline within the Jap European nation.
That is the fifth partnership between Econergy and RGREEN INVEST, and sees Econergy elevating over €500 million (US$518 million) within the final 12 months.
