Austria’s Enery raises EUR 460 mln for major 1.53 GW hybrid power plant in Romania

The Austrian company Enery contracted a syndicated green financing of EUR 460 million for the large photovoltaic project, of 534 MW and 1 GWh storage, in Ogrezeni, Romania.

Independent renewable energy producer in Central and Eastern Europe (CEE) Enery has signed a syndicated green financing with a consortium of seven banking groups, according to a press release. The funds will be used for the construction of Enery’s Ogrezeni hybrid project, located in Giurgiu County, Romania, which combines photovoltaic (PV) power generation with battery energy storage.

With an installed capacity of 761 MWp / 534 MW AC and over 1 GWh of battery storage, Ogrezeni will be one of the largest hybrid projects in Europe. Once operational, the project is estimated to produce enough green energy to power the equivalent of approximately 684,000 households and avoid approximately 303,000 tons of CO2 emissions annually.

The consortium of financiers consists of UniCredit, as Global Coordinator, Sustainability Coordinator and Bookrunner; Intesa Sanpaolo Group, represented by Intesa Sanpaolo Bank Romania and Všeobecná úverová banka from Slovakia, as Mandated Lead Arranger and Bookrunner; ING Bank NV and its subsidiary in Romania, as Mandated Lead Arranger and Facility and Guarantee Agent; Banca Transilvania SA and National Bank of Greece (Cyprus), as Mandated Lead Arrangers; and Exim Banca Românească SA and Alpha Bank SA, as Lead Arrangers.

The transaction includes long-term credit facilities, a revolving facility, a VAT facility, and ancillary facilities, as well as an accordion feature of up to EUR 79 million, which allows for a possible further expansion of the project's battery storage capacity.

(Photo source: the company)