Enery Secures Major Funding for Renovative Green Project in Romania
Enery, an independent renewable power producer operating in Central and Eastern Europe (CEE), has reached a significant milestone by successfully securing a financial close on a EUR 460 million syndicated green project financing. This monumental agreement was signed with a consortium of seven banking groups, marking a pivotal moment for both the company and the renewable energy sector in the region.
Financing the Ogrezeni Hybrid Project
The funding will be directed towards the construction of Enery’s Ogrezeni hybrid project in Giurgiu County, Romania. This innovative initiative combines photovoltaic (PV) generation with cutting-edge battery energy storage technology. With an impressive installed capacity of 761 MWp (megawatts peak) / 534 MW AC and over 1 GWh of battery storage, Ogrezeni is poised to become one of the largest hybrid projects across Europe.
Once operational, the project is anticipated to generate sufficient green electricity to power approximately 684,000 households while simultaneously mitigating around 303,000 tonnes of CO₂ emissions annually. This dual benefit of renewable energy generation and significant emissions reduction aligns perfectly with global sustainability goals.
Diverse Syndicate of Lenders
The financial syndicate includes a robust group of lenders: UniCredit, which acts as Global Coordinator, Sustainability Coordinator, and Bookrunner; Intesa Sanpaolo Group, represented by Intesa Sanpaolo Bank Romania and Všeobecná úverová banka from Slovakia, serving as Mandated Lead Arranger and Bookrunner; and ING Bank N.V. along with its Romanian subsidiary, which acts as Mandated Lead Arranger and Facility & Security Agent.
Additionally, Banca Transilvania and National Bank of Greece (Cyprus) are also involved as Mandated Lead Arrangers, while Exim Banca Românească and Alpha Bank act as Lead Arrangers. This diverse consortium underscores the strong interest and confidence in the project, highlighting its strategic significance within the region’s energy transition.
Comprehensive Financing Structure
This financing arrangement includes various components, such as term loan facilities, a revolving facility, a VAT facility, and ancillary provisions. Furthermore, it features an accordion option of up to EUR 79 million, allowing for a potential increase in the project’s battery storage capacity, a crucial aspect in today’s energy landscape focused on sustainability and efficiency.
The structure was set under Enery’s newly adopted Sustainable Financing Framework. This framework ensures a standardized approach for issuing green and social financing instruments in alignment with the ICMA Green Bond Principles and various Loan Market Association standards. A Second Party Opinion (SPO) provided by Sustainable Fitch confirms that the framework adheres to these critical sustainability standards, reinforcing Enery’s commitment to responsible financing.
Today’s Financing, Tomorrow’s Projects
The current transaction is just the beginning; it represents the first of many eligible projects to be financed under the new Sustainable Financing Framework. Future financing may be allocated to a range of eligible green initiatives, including renewable energy, biodiversity restoration, and social projects aimed at enhancing infrastructure in education and basic services.
Key Partnerships and Infrastructure Goals
A critical aspect of the Ogrezeni hybrid project is Enery’s partnership with the Three Seas Initiative Investment Fund (3SIIF). This dedicated commercial fund focuses on investing in vital infrastructure sectors—energy, transport, and digital connections—across EU member states in Central and Eastern Europe. The partnership emphasizes enhancing connectivity, energy security, and fostering economic growth in the region bordered by the Baltic, Adriatic, and Black Seas.
Leadership Insights
Richard König, CEO of Enery, noted that securing this financing is a significant step forward in the company’s growth narrative. It serves as a testament to Enery’s capacity to deliver robust renewable energy infrastructure at scale. The introduction of the Sustainable Financing Framework strengthens the company’s foundation for long-term development and accelerates the shift towards a low-carbon energy system.
Sebastian Staicu, Head of Financing at Enery, emphasized the enthusiastic lender appetite for well-structured hybrid renewable projects. He noted that the oversubscription of the financing package underscores strong support from the market, positioning the project well for lasting value creation. The successful syndication of the transaction among the seven banking groups further illustrates its strategic relevance to Romania’s energy transition goals.
Krasimira Petkova, Head of ESL at Enery, highlighted that the Sustainable Financing Framework aligns their funding strategy with international standards, reinforcing their commitment to delivering measurable environmental and social impact.
Enery’s Broader Mission
With the Ogrezeni project, Enery solidifies its role as a significant player in Romania’s energy transition. The company demonstrates that large-scale renewable infrastructure can be developed with a focus on environmental stewardship and socio-economic benefits. Operating with a diversified portfolio featuring 566 MW of installed capacity and generating 766 GWh of clean electricity, Enery describes its mission as providing reliable, affordable, and long-term green energy solutions.
The company’s development pipeline spans almost 10 GW across ten countries in CEE. Beyond project development and operation, Enery is a leader in optimizing revenue streams for utility-scale renewable and storage assets, managing over 700 MWh of third-party storage. Their commitment to delivering green electricity 24/7 to industrial consumers positions them at the forefront of Corporate Green Power Purchase Agreements (PPAs) in the region.
Through such endeavors, Enery illustrates the potential of renewables to transform energy landscapes, not just in Romania but across the entire region.