Independent power producer (IPP) Enery has closed a €460 million (US$534 million) syndicated green project financing for its 761MWp solar, 1GWh-plus battery energy storage system (BESS) Ogrezeni project in Giurgi County, Romania.
Ogrezeni will be among the largest hybrid projects in Europe once operational, Vienna-headquartered Enery said.
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The lenders that participated in the financing are UniCredit, Intesa Sanpaolo Group, ING Bank, Banca Transilvania, the National Bank of Greece (Cyprus), Exim Banca Românească and Alpha Bank. It includes term loan facilities, a revolving facility, a VAT facility and ancillary facilities and an accordion feature of up to €79 million, allowing for a potential further increase of the BESS capacity.
The financing was structured under Enery’s newly-adopted Sustainable Financing Framework, developed as a standardised approach aligned with various green and sustainability financing frameworks and principles. It is the first of possibly many under the framework, Enery said.
Sebastian Staicu, head of financing at Enery, commented: “This transaction reflects strong lender appetite for well-structured hybrid renewable projects and strong sponsors. The oversubscription and flexible financing package, including the accordion feature, provide a solid capital structure and positions the project for long-term optimisation and value creation.”
Large-scale BESS deployments in Romania are benefiting from various country-specific drivers, alongside the global fall in BESS prices and increasing familiarity among investors with the technology.
The country’s active solar PV installations have led to a ‘duck curve’, creating a strong business case for solar load shifting.
Read the full version of this story, including a round-up of the latest Romanian BESS investments, on our sister site, Energy-Storage.news.
Europe’s leading renewable energy financiers will meet in London for the fifth edition of the Renewables Procurement & Revenue Summit, held on 20-21 May by PV Tech publisher Solar Media. Information about the event, including the full agenda and options to purchase tickets are available on the official website.

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