Enery has finalised €460m ($534m) in syndicated green project financing with a consortium of seven banking groups to fund the construction of the Ogrezeni hybrid energy facility in Giurgiu County, Romania.
The project will integrate photovoltaic (PV) generation with battery energy storage and have an installed capacity of 761MW-peak/534MW-alternating current, along with more than a gigawatt-hour of battery storage.
It aims to deliver enough renewable electricity for nearly 684,000 households annually while reducing carbon dioxide emissions by around 303,000t per year once operational.
The funding agreement includes a revolving facility, term loan facilities, VAT and ancillary facilities, and an accordion feature valued at up to €79m for potential expansion of battery storage capacity.
UniCredit acted as global and sustainability coordinator and bookrunner.
Intesa Sanpaolo Group served as mandated lead arranger and bookrunner. ING Bank and its Romanian subsidiary also participated as mandated lead arranger and facility and security agent.
Banca Transilvania and the National Bank of Greece (Cyprus) contributed as mandated lead arrangers, while Exim Banca Românească and Alpha Bank took on roles as lead arrangers.
Enery structured this transaction under its new Sustainable Financing Framework, which aligns with International Capital Market Association Green Bond Principles, Green Loan Principles, Social Loan Principles, EU Taxonomy Regulation and related market standards.
Sustainable Fitch provided a second party opinion confirming the framework’s alignment with these criteria.
Enery COO Lukas Nemec and CEO Richard König said: “Securing this financing is a major step in Enery’s growth journey and a clear vote of confidence in our ability to deliver complex, future-proof renewable energy infrastructure at scale.
“With our Sustainable Financing Framework now in place, we are strengthening the foundation for long-term development across the CEE [central and eastern Euope] region and accelerating the transition to a more resilient, low-carbon energy system.”
Sustain LCM Finance acted as debt syndication advisor for Enery.
Schönherr advised the borrower on legal matters, while Clifford Chance Badea provided legal counsel to the lending banks.
The development forms part of Enery’s ongoing cooperation with the Three Seas Initiative Investment Fund, an EU-focused infrastructure fund investing in energy, transport and digital projects across CEE.
