Representational image. Credit: Canva

Econergy Renewable Energy has signed a €25 million project finance agreement with Vista Bank (Romania) S.A. to support its 56 MW Scurtu Mare solar project in Teleorman County, Romania. The financing will be used, among other purposes, to refinance shareholder and bridge loans previously provided by the Phoenix Group and related entities for the construction of the project.

The Scurtu Mare solar project has an installed capacity of approximately 56 MW and represents a total investment of €37 million. It is expected to generate annual revenues of around €5.5 million from electricity sales and deliver an annual EBITDA of approximately €4.5 million, based on the average of the first five full years of operation.

In line with Econergy’s hybridization strategy, the company also plans to add a 42 MW battery energy storage system (BESS) to the site, requiring an additional investment of €12 million. This storage component is projected to contribute roughly €5 million in annual revenues and an EBITDA of €4 million, based on representative averages from the first five years of operation.

Econergy’s project finance approach involves implementing a dedicated financing model for each asset, enabling steady growth while maintaining financial stability and efficient capital deployment. The company is on track to achieve approximately €514 million in total project finance closings by the end of the first half of 2026, supporting its continued expansion in the renewable energy sector.