Israel’s Econergy secures €250m investment for renewable projects
The investment will be provided by RGREEN INVEST.
Econergy Renewable Energy, headquartered in Israel, bagged a €250m targeted equity and project-specific investment from French independent asset management RGREEN INVEST that will support its renewable energy projects in Europe.
In a joint statement, the companies said RGREEN INVEST is planning to provide €87.5m company at a pre-money valuation of €350m in corporate financing to Econergy’s British subsidiary Econergy International Limited.
This will be used for the development of the company’s pipeline and expansion plans in UK. Econergy will be providing engineering, procurement, and construction management services and asset management services for its UK projects for at least 10 years.
Meanwhile, €160m investments will back the development of solar and wind projects in Europe including RGREEN INVEST’s previous commitment of around $50m for the construction of Econergy’s 92-megawatt solar project in Parau in Romania which started earlier this year.
The €250m investment will be made through INFRAGREEN IV and V funds.