Econergy and Rivage Investment agree 150 million Euro debt financing for renewable energy projects

Econergy, a publicly-traded Independent Power Producer, and Rivage Investment have today announced agreement on a 150 million Euro debt financing that will support the delivery of a pipeline of European PV, wind, and storage projects. It will also support the ongoing development and construction in Econergy’s primary target markets of Italy, Poland, the UK, and Romania.

The agreement for the new injection of funds has been signed between Rivage Investment, an independent asset management company specialising in the financing of sustainable infrastructure, and Econergy International Limited UK, a subsidiary of Econergy Renewable Energy Ltd.

Rivage Investment is a leading French asset manager with assets under management of €7.7 billion, specialising in the financing of sustainable infrastructure and essential assets. Rivage’s investment comes as Econergy has also bought out UBS’s share of its joint-developed Italian renewable projects. This means that Econergy will now take full ownership of approximately 440 megawatts (on completion) worth of previously jointly owned projects, marking the latest stage in Econergy’s strategic transition from a service provider and developer to an Independent Power Producer.

Eyal Podhorzer, Co-Founder and CEO of Econergy said: “2024 will be a big year for us as we continue to grow and transform the company and I’m delighted that we are beginning it with such significant momentum. I am excited and grateful that Rivage is embarking on this partnership with us, driving forward our shared clean energy ambitions across Europe. This shows the trust that leading investors have placed in Econergy and puts us in a stronger financial position than ever. “The investment, alongside our decision to buy UBS’s shares in our Italian pipeline, demonstrates Econergy’s proactive and successful year so far, progressing our strategy to become an Independent Power Producer, owning projects from conception to commercial operations.” “In the coming weeks we are expected to connect our 92 MW PARAU PV project in Romania, which will join the 155MW Ratesti PV plant in generating much needed low carbon power for the country.”

Hervé Besnard, CEO of Rivage Investment said: “We are delighted to accompany Econergy’s strong growth trajectory and to help finance its transition to become a pan-European IPP. We are excited to support Econergy through this journey and to be their partner of choice to reach the next stage of their development. We share Econergy’s mission of contributing to produce power with purpose and to promote the decarbonization of power grids in countries as diverse as Italy, the UK, Poland and Romania.”

Rivage Investment is one of a number of financiers that have financed Econergy’s pipeline recently, as the company continues its European growth trajectory. Over the past two years RGreen Invest, a French fund, provided an equity investment of €87.5 million in Econergy International Limited UK and 2 Econergy’s latest project, a 155MW PV park in Ratesti, Romania, was made possible through €60 million financing from Raiffeisen Bank International and Raiffeisen Romania.