Austria-based energy company Enery has reached financial close on a EUR 460 million syndicated green project financing for the Ogrezeni hybrid solar and battery project located in Giurgiu County, Romania. The financing package, equivalent to approximately USD 533.69 million, represents one of the largest renewable energy investments in the region.

Project Specifications and Capacity

The Ogrezeni hybrid project will combine substantial photovoltaic and battery storage capabilities. The facility is planned to include 761 MW of photovoltaic capacity alongside 534 MW AC of battery energy storage systems. The battery storage component will provide more than 1 GWh of total storage capacity, creating a comprehensive renewable energy solution that can generate and store clean electricity.

Banking Consortium and Financial Structure

A consortium of seven major banking groups provided the syndicated financing for the project. UniCredit served multiple key roles as Global Coordinator, Sustainability Coordinator, and Bookrunner for the financing arrangement. The syndicate also included participation from Intesa Sanpaolo Group, ING Bank N.V., Banca Transilvania, National Bank of Greece, Exim Banca Românească, and Alpha Bank.

The financing structure represents a green project financing model, indicating the lenders' commitment to supporting environmentally beneficial energy infrastructure projects. This type of financing typically offers favorable terms for projects that meet specific environmental and sustainability criteria.

Expected Environmental and Energy Impact

Once operational, the Ogrezeni project is projected to generate significant environmental and energy benefits for Romania. The facility is expected to produce electricity equivalent to the annual demand of approximately 684,000 households, representing a substantial contribution to the country's renewable energy capacity.

From an environmental perspective, the project is anticipated to avoid about 303,000 tons of CO₂ emissions annually. This reduction in carbon emissions aligns with broader climate goals and demonstrates the project's potential impact on reducing greenhouse gas emissions in the energy sector.

Advisory and Legal Support

Enery engaged specialized financial and legal advisors to facilitate the complex financing arrangement. Sustain LCM Finance provided advisory services to Enery specifically on the debt syndication process, helping to structure and negotiate the multi-bank financing package.

Legal advisory services were provided by two prominent law firms. Schönherr and Clifford Chance Badea served as legal advisors for the transaction, ensuring proper legal framework and compliance for the international financing arrangement. The involvement of multiple legal advisors reflects the complexity and scale of the financing structure required for the project.

The Ogrezeni project represents a significant development in Romania's renewable energy landscape, combining both solar generation and battery storage technologies in a single integrated facility. The successful financial close enables Enery to proceed with construction and development of the hybrid renewable energy installation in Giurgiu County.

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