Enery Secures Funding for Major Romanian solar project
In a landmark move for Eastern Europe’s renewable energy landscape, independent power producer (IPP) Enery has successfully closed a €460 million (US$534 million) syndicated green financing package for its Ogrezeni hybrid project in Giurgiu County, Romania. This substantial investment will fund the development of one of Europe’s largest combined solar and battery storage facilities, signaling strong confidence in the region’s green transition.
A Romanian solar project of European Scale
The Ogrezeni project is set to be a cornerstone of Romania’s renewable energy infrastructure. The facility will feature an impressive 761 MWp of solar photovoltaic capacity coupled with a battery energy storage system (BESS) exceeding 1 GWh. This combination is designed to provide clean, reliable power and enhance grid stability.
By storing solar energy generated during the day for release during peak demand periods or when the sun isn’t shining, the project directly addresses the intermittency of renewable sources. This capability is crucial as Romania expands its solar capacity, which has begun to create a “duck curve” effect on the national grid—a dip in net electricity demand during sunny midday hours followed by a sharp rise in the evening.
A Closer Look at the Financing of the Romanian solar project
The €460 million financing was secured from a consortium of prominent financial institutions, including UniCredit, Intesa Sanpaolo, ING Bank, Banca Transilvania, National Bank of Greece (Cyprus), Exim Banca Românească, and Alpha Bank.
The comprehensive package includes term loans, a revolving credit facility, and a VAT facility. Notably, it also contains an “accordion” feature, which allows for an additional €79 million in financing to further expand the battery storage component in the future. This is the first major deal under Enery’s new Sustainable Financing Framework, underscoring the company’s commitment to projects that meet stringent green principles.
Powering Romania’s Green Future with this Romanian solar project
This major investment arrives at a pivotal time for Romania’s energy sector. The country is actively promoting energy storage solutions to support its rapidly growing renewable energy capacity. The European Commission recently approved a €150 million Romanian State aid scheme aimed at installing at least 2,174 MWh of new electricity storage facilities.
The Enery Ogrezeni project is part of a wider trend of significant battery storage investments across the country. With a current portfolio of 700 MWh of battery storage in Central and Eastern Europe, Enery is positioning itself as a key player in the region’s energy transition. As BESS costs continue to fall and investor familiarity with hybrid projects grows, developments like the Ogrezeni facility are set to become the new standard for a resilient and sustainable energy grid.
