Romania: Financial close for 1 GWh co-located battery; construction starts on 116 MWh BESS retrofit

Vienna-headquartered independent power producer (IPP) Enery has reached financial close on a €460 million ($497 million) syndicated green project financing, signed with a consortium of seven banking groups.

The financing will support the construction of Enery’s Ogrezeni hybrid project in Giurgiu County, Romania, combining solar PV generation with battery energy storage. With an installed capacity of 761 MWp/534 MW AC and more than 1 GWh of battery energy storage, Ogrezeni will rank among the largest hybrid renewable projects in Europe.

The lending syndicate comprises UniCredit, Intesa Sanpaolo Group, ING Bank, Banca Transilvania, National Bank of Greece (Cyprus), Exim Banca Românească and Alpha Bank.

The transaction includes term loan facilities, a revolving credit facility, a VAT facility and ancillary facilities, along with an accordion feature of up to €79 million to support a potential expansion of the project’s battery storage capacity.

“This transaction reflects strong lender appetite for well-structured hybrid renewable projects backed by solid sponsors,” said Sebastian Staicu, head of financing at Enery. “The oversubscription and flexible financing package, including the accordion feature, provide a robust capital structure and position the project for long-term optimization and value creation.”

He noted that the transaction also marks an important step in Enery’s financing strategy, allowing access to a broader pool of project finance lenders in Romania, while demonstrating the project’s strategic importance for Romania’s energy transition.

The financing was structured under Enery’s Sustainable Financing Framework, which establishes clear criteria for issuing green and social financing in line with leading international standards, including the ICMA Green Bond Principles and the Green and Social Loan Principles, as well as, where applicable, the EU Taxonomy. Ogrezeni is the first of several eligible projects in Central and Eastern Europe to be financed under the Framework.

In other news, Denmark’s Eurowind Energy has announced that that the main equipment for the Teiuș battery energy storage system has arrived on site and that the project has entered the installation and integration phase.

BESS Teiuș will have a minimum storage capacity of 116.96 MWh (over 120 MWh in the delivery configuration) and will be co-located with the 60.2 MW Theius solar park, inagurated in April 2025.

The BESS project represents a total investment of €21 million, with financial support provided under Romania’s National Recovery and Resilience Plan (NRRP).

The system is being implemented under a full EPC contract signed with Visual Fan S.A. (Renewable EPC by Allview), valued at more than €16.6 million, covering the entire delivery chain – from design and procurement to construction, installation, integration into SCADA/DMS/EMS systems, testing, and permitting for commercial operation.