Israeli-based Econergy Renewable Energy announced that it agreed to buy out the 50% stake held by its partner, TVSE-listed Nofar Energy, in the 155 MWp Rătești photovoltaic plant, the largest in Romania. The company announced plans to add a 120 MW battery energy storage system under a EUR 32 million investment, according to Balkan Green Energy News.
Econergy International, in which Econergy Renewable Energy holds 75.2%, has signed an agreement with Nofar Energy to acquire the 50% stake in the Rătești solar power plant, located northwest of Bucharest, in Argeș county.
The total consideration for the transaction is EUR 45.6 million, payable in three instalments through June 2026. Econergy will hold 100% ownership and assume control of the shareholder loan previously provided by Nofar, of EUR 14.9 million.
Econergy expects a capital gain of EUR 13 million from the deal.
The battery energy storage system is expected to generate an additional EUR 15 million in annual revenue and EUR 12 million in earnings before interest, taxes, depreciation and amortisation – EBITDA, the announcement reads.
Econergy said its portfolio of solar, wind, and storage projects in Romania amounts to 3.5 GW. It includes 473 MW in operation or facilities that are ready to connect, 763 MW under construction and 395 MW scheduled to begin construction by the end of the year. Total project pipeline exceeds 14 GW.
iulian@romania-insider.com
(Photo source: Deyangeorgiev/Dreamstime.com)
Leave a Reply