33 million Euro senior debt financing with PKO Bank Polski
Further demonstrating its financial stability, Econergy has secured €33 million in senior debt financing for the Resko project through a project finance agreement with PKO Bank Polski, one of the largest financial institutions in Central and Eastern Europe. This structured financing allows Econergy to effectively manage risk and leverage favourable terms, supporting the successful installation of the Resko project.
Phoenix Insurance converts loan to 49 percent equity stake
Phoenix Insurance has demonstrated its confidence in Econergy by converting €4.2 million loan into a 49 percent equity stake in the project’s Special Purpose Vehicle (SPV) management. The remaining loan will be converted into an unsecured shareholder loan, representing 49 percent of the total shareholder loans to the project entity.
The Resko project, located in the city of Resko in the Zachodnio-Pomorskie Municipality, has a capacity of approximately 52 MW, and is expected to connect in the following months, marking Econergy's first project in Poland. The project's total construction cost is around €41 million.
Phoenix Insurance's partnership with Econergy extends beyond Poland. It holds options to convert loans into equity in four additional significant projects in Romania. These projects, totalling approximately 200 MW, are in advanced stages of construction and will make an important contribution to Econergy's European portfolio.
