CEO Eyal Podhorzer, told NPM that Econergy is considering taking on an equity partner on its 343 MW PV + 150 MW co-located BESS Parau 2, the developer’s flagship Romanian project.

“We will need to bring about EUR 50m equity if we keep 100% of this project…[but] in Romania, normally we take a 49% or 50% equity partner and we charge them development value,” said Podhorzer.

While a decision is yet to be made on whether Econergy will take a partner, this could be a step that the developer takes at a later stage to help maximise value.

Podhorzer said: “We’re still considering if we’ll take a partner [on] this project, and if we decide we will we have a couple of candidates that are already lined up from our previous investments, which include Phoenix, an Israeli insurance company; RGreen Invest, the French fund; and a few others that have expressed their interest to joining us in our projects.”

Construction of Parau 2 is set to begin in Q3 2025, with EPC agreements and procurement currently underway. It is expected to cost a total EUR 275m.

The project is expected to connect to the grid in the first half of 2027.

Econergy anticipates that it can secure up to 80% leverage for the project thanks to a 15-year CfD secured in Romania’s inaugural auction in 2024. The developer was awarded a price of EUR 49.40 / MWh for 125 MW of the project capacity, expected to generate EUR 446m in revenue over the life of the CfD.

Econergy is currently in negotiations with lenders, and anticipates close on a deal in Q4 2025.

The developer has further projects underway in Romania, including two onshore wind projects: the 35 MW Salbatica Wind, expected to enter construction this year, and the 126 MW Wind Park Renewables project, which will enter construction in 2026.

In Romania, Podhorzer additionally noted that Econergy has committed to adding storage to all its PV projects moving forward, including those under and approaching construction.

The important of storage

“Storage has become a very crucial element in all projects across Europe,” said Podhorzer.

“[Electricity] prices during the day in the market are reducing to very low numbers, occasionally even to zero or negative prices, and that’s because of the increasing part [played by] renewable energy in total production of electricity. Therefore, the markets must have storage.”

Podhorzer further noted that the importance of storage has seen some markets introduce regulation to support entry of these projects, such as capacity market auctions, quotas, or other means.

“In Romania, we are not waiting for these options,” said Podhorzer. “We are actually adding [storage] – and this is something we’ve already contemplated long ago.”

“When we developed and constructed the PV projects we allowed for physical space on the land for connection of future storage and we are now just getting the relevant permits for adding storage to all of our projects, and we intend to add storage to all our projects starting now 2025.”

As of its Q1 2025 update, Econergy had around 2.55 GW of solar, wind, and storage projects underway in Romania, including those at or approaching construction. Meanwhile, 447 MW of solar is already in commercial operation or ready to connect.

The developer’s global pipeline totals 13.19 GW ranging from projects in early development to those under construction.

*This story was originally published exclusively for NPM Europe subscribers.