Israeli Developer Econergy Gets EUR 30 Million from RGreen Invest

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Leading Israeli investor, developer and operator of renewable energy projects across Europe, Econergy Renewable Energy has received EUR 30 million which is a part of the company’s deal with French independent asset management firm RGreen Invest.

Econergy and RGreen are long-term partners and the EUR 30 million is part of the total equity investment of RGreen that stands at EUR 87.5 million.

In November 2022, RGreen Invest announced that it will provide EUR 87.5 million at a pre-money valuation of EUR 350 million in corporate financing to Econergy to strengthen its pipeline development and growth plans in the United Kingdom.

The first tranche was of EUR 50 million that was delivered to the renewable energy firm immediately after the agreement was signed between the two partners. This was to support the construction of 92MW solar project of Econergy in Parau, Romania, where construction begun in 2022 itself. Now RGreen Invest needs to transact the final tranche of EUR 7.5 million which is expected to be completed by the close of April.

The partnership and financing agreement is expected to help support its pipeline roll-out in Europe which stands about EUR 163.3 million that is of both solar and wind energy projects. Its is also expected to develop its renewable energy portfolio in UK and entire Europe.

Econergy has already secured over EUR 500 million in the past one and a half years.

Eyal Podhorzer, CEO of Econergy, said, “We are pleased to be continuing our long-term partnership with RGreen Invest to support the development and roll-out of Econergy’s renewable projects across the UK and Europe. This new tranche of equity will help us expand the solar and storage projects that are ongoing in the UK and EU energy markets.”

He added, “We are making strong progress in the development of our backlog of projects across Europe and we expect to see income from connected projects starting in the second quarter of this year.”

Olivier Guillaume, Chief Investment Officer, RGreen Invest, stated, “Our goal has consistently been to support the growth of independent renewable energy producers in Europe and help them broaden the reach of their operations.

“By prioritising the financing of infrastructure projects related to climate change adaptation and mitigation, we respond to a steadily increasing appetite of investors who seek to decarbonise their portfolios and invest in the energy transition, and who have confidence in our ability to provide value.”