Israeli Developer Econergy Gets EUR 30 Million from RGreen Invest

Mar 14, 2023 12:08 PM ET
  • In November 2022, RGreen Invest announced that it will provide EUR 87.5 million to Econergy to strengthen its pipe development and also growth plans in the UK.
  • The first tranche was of EUR 50 million that was supplied to Econergy right away after the agreement was signed between both companions.

Leading Israeli investor, developer and driver of renewable energy projects across Europe, Econergy Renewable Energy has actually obtained EUR 30 million which is a part of the business's handle French independent asset management company RGreen Invest.

Econergy and RGreen are lasting partners and also the EUR 30 million belongs to the complete equity investment of RGreen that stands at EUR 87.5 million.

In November 2022, RGreen Invest revealed that it will certainly provide EUR 87.5 million at a pre-money valuation of EUR 350 million in corporate funding to Econergy to strengthen its pipe development as well as development plans in the UK.

The first tranche was of EUR 50 million that was delivered to the renewable energy firm promptly after the agreement was signed between both partners. This was to support the building and construction of 92MW solar project of Econergy in Parau, Romania, where building and construction started in 2022 itself. Currently RGreen Invest requires to negotiate the final tranche of EUR 7.5 million which is anticipated to be finished by the close of April.

The partnership and also financing agreement is anticipated to aid support its pipeline roll-out in Europe which stands concerning EUR 163.3 million that is of both solar as well as wind power projects. Its is also expected to create its renewable energy portfolio in UK and also entire Europe.

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

Eyal Podhorzer, CEO of Econergy, claimed, "We are pleased to be proceeding our lasting partnership with RGreen Invest to support the advancement and roll-out of Econergy's renewable projects across the UK as well as Europe. This brand-new tranche of equity will help us expand the solar and also storage projects that are ongoing in the UK as well as EU power markets."

He included, "We are making strong development in the advancement of our stockpile of projects across Europe and we anticipate to see earnings from linked projects starting in the second quarter of this year."

Olivier Guillaume, Principal Investment Officer, RGreen Invest, specified, "Our goal has regularly been to support the growth of independent renewable energy manufacturers in Europe and also help them expand the reach of their procedures.

" By prioritising the financing of facilities projects connected to climate modification adaptation and also reduction, we react to a gradually raising appetite of capitalists that seek to decarbonise their portfolios and invest in the energy change, and also that have confidence in our ability to provide value."

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