Renewable developer Econergy has secured a major financing package for the Parau 2 project in Romania, combining 342 MW of solar capacity with a 150 MW/300 MWh battery energy storage system.
The European Bank for Reconstruction and Development has committed up to EUR 120m, structured through an A loan of as much as EUR 57m and a B loan of up to EUR 63m.
The B-loan component includes a EUR 3.6m debt-service guarantee provided by Privredna Banka Zagreb and NLB.
Additional financing is being provided by the Black Sea Trade and Development Bank, OTP Bank and Exim Banca Romaneasca, taking potential total debt funding for the development to as much as EUR 229m.
Parau 2, located in Brasov county, is notable for combining three revenue elements: utility-scale photovoltaic production, merchant electricity exposure and battery flexibility.
Part of the project has long-term price protection. Around 125 MW secured support through Romania’s first Contract-for-Difference auction at a strike price of EUR 49.4/MWh for 15 years. Electricity from the remaining capacity will retain merchant-market exposure.
That hybrid structure reduces revenue volatility without removing upside from wholesale prices.
The 300 MWh battery system further differentiates the project from a conventional solar plant. It can shift generation from low-priced solar hours into stronger trading periods, provide balancing services and reduce the project’s exposure to declining midday capture prices as Romanian photovoltaic capacity expands.
Romania’s wider CfD programme is designed to support 5 GW of new solar and onshore wind capacity. The financing structure also benefits from InvestEU support, including a first-loss portfolio guarantee of up to EUR 115m associated with the EBRD lending framework.
Parau 2 illustrates the direction increasingly visible in European renewable finance: contracted revenues remain important for bankability, but storage and selective merchant exposure are being incorporated to improve flexibility and preserve market upside.
