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Add to Preferred SourcesThe European Bank for Reconstruction and Development (EBRD) is providing a financing package of up to €120 million to support the development, construction, and operation of Econergy’s Părău 2 project in Brașov, Romania, according to a press release issued on 14 August 2026. The initiative combines a 342 MW solar photovoltaic plant with a co-located 150 MW/300 MWh battery energy storage system. It marks the first time the EBRD has financed a hybrid renewable-energy project pairing solar photovoltaic generation with co-located battery storage in Romania. The project aims to increase renewable energy generation, enhance grid flexibility, and strengthen the country’s energy security. It represents a milestone step in Romania’s transition to clean energy.
The financing consists of an EBRD A loan of up to €57 million and an EBRD B loan of up to €63 million, which includes a €3.6 million debt service reserve facility provided by commercial banks Privredna banka Zagreb and NLB. The project is being co-financed by the Black Sea Trade and Development Bank, OTP Bank, and Exim Banca Românească as part of an aggregate debt financing package of up to €229 million. The European Union is supporting the EBRD’s A/B loan through a first-loss guarantee under the InvestEU programme, covering up to €115 million. This mechanism helps mitigate risks associated with the project’s substantial exposure to merchant revenue. It also demonstrates coordinated efforts between public and private partners.
The project is backed by Romania’s Contract for Difference scheme, which was developed with EBRD technical assistance and aims to unlock 5 GW of solar and onshore wind capacity. The solar plant has secured a 125 MWac allocation in the first auction at a strike price of €49.4/MWh for 15 years, while the remaining capacity will operate on a merchant basis. Intesa Sanpaolo and Exim Banca Românească will jointly provide a €25 million value-added-tax facility and a €9.5 million letter-of-credit facility to support the project’s Contract for Difference requirements. By combining solar generation with battery storage, the project will help integrate more variable renewable power into Romania’s electricity system. The storage component will shift solar output to peak demand periods and support ancillary and balancing services.
Georgios Gkiaouris, the EBRD’s Head of Energy Europe, said: “Econergy’s Părău 2 project represents an important step in Romania’s energy transition. By financing one of the country’s pioneering solar and battery storage investments, the EBRD is helping to increase the generation of renewable energy, strengthen energy security and support a more resilient and flexible electricity system. The support of the European Union through InvestEU demonstrates how public and private partners can work together to mobilise financing for the green transition.”
Eyal Podhorzer, CEO of Econergy, described the closing of €229 million on Părău 2 as a milestone for the company and the Romanian market. He noted that the EBRD’s leadership was decisive in bringing together a consortium of six international lenders.
The project is expected to reduce reliance on fossil fuels for peaking capacity and make Romania’s grid more flexible. It will facilitate the integration of renewable energy into the national power system while advancing the country’s green transition. The EBRD remains a leading institutional investor in Romania, having invested more than €12.7 billion through over 600 projects to date. This latest transaction reinforces the Bank’s role in supporting energy transformation across the region. It also highlights how blended finance can mobilize significant private investment for climate-focused infrastructure.