Econergy lands €229m for Romanian solar-and-storage hybrid backed by CfD

Econergy has signed financing agreements totaling €229 million for its Părău 2 solar-plus-storage project in Brașov County, Romania.

The project, pairing 342 MWp of solar with a 150 MW battery energy storage system (BESS), continues to build the Romanian storage sector that recently crossed the 1 GW threshold for utility-scale battery capacity.

A six-lender consortium led by the European Bank for Reconstruction and Development (EBRD) provided the backing, with approximately €114.4 million supported by an EU InvestEU guarantee. The EBRD was also supported by Black Sea Trade and Development Bank (BSTDB), Exim Banca Românească, NLB, OTP Bank, and Intesa Sanpaolo România.

Econergy said in its statement, “Financial closing is expected within approximately three months, and drawdown remains subject to customary conditions under the financing agreements precedent, which Econergy estimates will be satisfied within approximately three months of signing.”

CfD play

Părău 2’s bankability was supported by Romania’s recent Contracts for Difference (CfD) auction, where it secured a 15-year CfD for 125 MW(ac) at a strike price of €49.4/MWh.

While CfDs offer revenue certainty, they can expose developers to negative pricing during peak solar hours. Co-locating a 150 MW (DC) battery hedges the risk created by the financial instrument, allowing Econergy to store excess generation and avoid dispatching power below cost.

CEO Eyal Podhorzer called the deal a platform to execute the developer’s wider European pipeline. Părău 2 is already under construction, with commercial operations slated for late 2027 or early 2028.