Enri has finalized €460m ($534m) in syndicated green project financing with a consortium of seven banking groups to finance the construction of the Ogrezni hybrid energy facility in Romania’s Giorgiu County.
The project will integrate photovoltaic (PV) generation with battery energy storage and have an installed capacity of 761MW-peak/534MW-alternating current and more gigawatt-hours of battery storage.
It aims to provide enough renewable electricity to around 684,000 households per year while reducing carbon dioxide emissions by around 303,000 tonnes per year once operational.
The financing agreement includes a restructuring facility for the potential expansion of battery storage capacity, debt term facilities, VAT and additional facilities, and is valued at up to €79 million.
UniCredit acted as Global and Sustainability Coordinator and Booksellers.
Antisa Sanpaolo Group served as lead arranger and bookrunner. ING Bank and its Romanian subsidiary also participated as lead arranger and facility and security agent.
Banca Transylvania and the National Bank of Greece (Cyprus) contributed as lead arrangers, while Exim Banca Româneasca and Alfa Bank acted as lead arrangers.
Enery has made this transaction according to its new sustainable finance framework, which is in line with the International Market Union’s Green Bond Principles, Green Debt Principles, Social Debt Principles, EU tax regulations and related market standards.
Sustainable Fitch provided a second-party opinion confirming the framework’s alignment with these standards.
Enery COO Lucas Nemec and CEO Richard Koenig said: “Securing this funding is a major step in Enery’s growth journey and a clear vote of confidence in our ability to deliver sophisticated, future-proof renewable energy infrastructure at scale.
“With our sustainable financing framework now in place, we are strengthening the foundation for long-term growth in the CEE (Central and Eastern Europe) region and accelerating the transition to a more flexible, low-carbon energy system.”
Sustain LCM Finance acted as debt syndication advisor to Enery.
Shenher advised the borrower on legal matters, while Clifford Chance Badia provided legal advice to the lending banks.
The development forms part of Enery’s ongoing collaboration with the Three Oceans Innovation Investment Fund, an EU-focused infrastructure fund investing in energy, transport and digital projects in CEE.
“Enery Secures $534 Million in Green Financing for Romania’s Hybrid Energy Project” was originally developed and published by Power Technologies, a brand owned by Global Data.
