November 21 (Renewables Now) - French independent asset manager Rgreen Invest has injected EUR 250 million (USD 260.6m) into Israel’s Econergy Renewable Energy Ltd to support the power producer’s investments in renewable energy projects across Europe.
Under the arrangement, Rgreen will provide EUR 87.5 million in corporate financing to Econergy International Limited, the British subsidiary of Econergy Renewable, while an additional EUR 163 million will go directly to the parent company, the latter said on Friday.
The fresh capital is seen to enable Econergy’s UK unit to strengthen its pipeline development and growth plans. Meanwhile, the investment in Econergy Renewable will back the construction of solar and wind farms across Europe, including a 92-MW photovoltaic (PV) park in Parau, Romania, which recently entered construction with a EUR-50-million commitment from Rgreen.
Rgreen’s latest investment will be made through its Infragreen IV and V funds.
Econergy develops solar, wind and storage projects and has more than 7.5 GW of projects under development in Italy, Spain, the UK, Romania, Poland and Greece. The company’s goal is to have 4 GW of grid-connected capacity by end-2025.
“With a pipeline of 224 projects and development capabilities that are significant, while there is volatility in the market, we are ready to make the leap to reach this next milestone that will benefit all company stakeholders,” said Eyal Podhorzer, Econergy's CEO.
(EUR 1.0 = USD 1.042)