The financing is part of a syndicated loan totaling EUR 214.45 million, backed by BCR, Erste Group Bank AG and UniCredit Bank
Bucharest, 18 December 2024 – Banca Comercială Română (BCR) and Erste Group Bank AG have provided EUR 107.23 million to Enery, a key player in the renewable energy sector in Central and Eastern Europe. The financing is part of a syndicated loan amounting EUR 214.45 million, with BCR, Erste Group Bank AG, and UniCredit Bank acting as Mandated Lead Arrangers and Original Lenders.
BCR and UniCredit Bank also served as Joint Coordinators and Bookrunners. Additionally, BCR assumed the roles of ESG Coordinator, Security, and Facility Agent, ensuring the implementation of high sustainability standards and the optimization of the project’s financial structure, while UniCredit Bank acted as Documentation Agent.
The loan facility is strategically allocated to refinancing Enery’s existing renewable energy portfolio and funding new production capacities in Romania, providing financial stability and operational efficiency.
Enery is deeply committed to the renewable energy sector in Romania and is dedicated to driving the country’s transition to a sustainable and low-carbon energy future. Through its strategic investments in solar and wind power, as well as energy storage solutions, Enery is contributing to the national goal of increasing the share of renewable energy in the energy mix.
The funds will be used to build a new 64.5 MW PV project and co-locating battery energy storage systems (BESS) across all operational and greenfield power plants to enhance grid stability and storage capabilities.
Clifford Chance Badea acted as exclusive legal advisor to the lenders, while Schönherr advised Enery.
The EUR 107.23 million financing marks the second major transaction between BCR, Erste Group Bank AG, and Enery, following the financing granted in February 2023. At that time, the two banks supported Enery in acquiring an 81 MW renewable energy portfolio owned by Jade Power Trust in Romania.
“At BCR, we have been a pioneer of renewable energy financing, and we invest constantly in supporting the transition to a Net Zero economy, making the financing of clean energy projects a priority in our corporate lending strategy. As one of the first collaborators of Enery’s investments in Romania, we are proud to continue to support their local development plans by this innovative portfolio financing, creating a platform for future growth and diversification,” said Anca Ilin, Head of Project Finance Banca Comercială Română.
“Closing a financing transaction with Enery in Romania is a testament to our commitment to sustainable energy solutions. It’s not just about securing funds; it’s about partnering with a visionary team dedicated to driving the future of clean energy. Together, we power progress and innovation,” added Wolfgang Hargassner, Head of Corporate Finance, Erste Group Bank AG.
“This type of portfolio financing tailor made to Enery’s portfolio and plans for Romania, supports the company in becoming a full green IPP in Romania, while offering lenders a diversified asset base with an adequate mix of PPAs and batteries to hedge balancing, power and capture price risks. We are especially thankful to the lenders for structuring this financing, as traditional financing does not offer an intermediate solution between Project Financing and Corporate Financing for growing RES IPPs. The company can thus focus on delivering innovative renewable energy projects that drive long-term sustainability and economic value,” said Sebastian Staicu, VP Financing from Enery.
BCR is recognized as the key financial partner for renewable energy projects in Romania. In the first 11 months of 2024, BCR’s financing for energy and energy infrastructure projects reached approximately EUR 520 million, with over EUR 300 million allocated to green energy projects.