Econergy Renewable Energy has signed a EUR 40.5 million project finance agreement with UniCredit Bank for its 87 MW Oradea solar power plant in the Crișana region in north-west Romania.
The Oradea photovoltaic facility has been fully connected to the grid since August 2025, and is generating revenues, according to Israel-based Econergy.
The proceeds will be used for various purposes including refinancing of the loans spent to construct the power plant, the company explained.
Within a strategy to hybridize its Romanian solar portfolio, Econergy plans to add a 68 MW BESS component at the Oradea site.
It is the second project finance agreement secured with UniCredit
The expected investment in energy storage is about EUR 21 million, with an estimated annual contribution of EUR 8.4 million in revenues and EUR 6.7 million in EBITDA, based on the first five full operating years, the update reads.
The company said it is its second project finance agreement secured with UniCredit.
Econergy Group is operating in key European markets, including Germany, the UK, Italy, Spain, Romania, Poland, and Greece. It develops photovoltaic, wind, and energy storage projects.
The current project pipeline exceeds 14 GW, according to the company’s website.
Econergy is the owner of the largest PV facility in Romania
The company generates revenue by selling electricity, earning development and operation fees, and selling projects at various stages of development.
Of note, Econergy is the owner of the largest PV facility in Romania. In October it agreed to buy out Nofar’s 50% stake in the 155 MW Rătești solar power plant. The firm plans to add a 120 MW BESS.
Econergy has four PV plants in Romania. With the inauguration of Oradea, the company’s operational and ready-to-connect capacity in the country has reached 447 MW. It is building another 788 MW and expects to start the construction of 559 MW more by the end of 2025.
The project was developed with Phoenix Holdings.