Kommunalkredit Austria AG, a leading financial institution specializing in infrastructure and renewable energy projects, provides the financing. Kommunalkredit Austria AG is recognized for its commitment to facilitating sustainable investments and supporting the transition to a low-carbon economy. Their collaboration with Econergy underscores Europe's shared vision of advancing renewable energy deployment.
- Loan Breakdown: The €28 million loan includes about €26 million earmarked for project construction costs and repayment of pre-existing owner loans and approximately €2 million allocated for VAT expenses.
- Interest: The loan will carry an annual interest rate based on the six-month EURIBOR, with a yearly margin of 4%-5%. As this short-term loan is intended to cover the project's construction and initial operation phases, the company plans to refinance it with a long-term loan at a lower interest rate.
- Repayment Schedule: Principal and interest payments will be made semi-annually starting December 31, 2025. A balloon payment will be made for any remaining principal at the final repayment date.
Econergy continues to lead the PV sector in Romania, operating projects with a total capacity of around 250 MW, including the Ratesti project – the largest solar project in operation in the country. The company's Romanian portfolio includes 20 photovoltaic projects and two wind projects, with a total capacity of 2.1 GW that are in development and operation. Five further projects, including the Iancu Jianu project, with a total capacity of over 250 MW, are expected to be connected to the grid in the coming months.
