Central and Eastern Europe-based independent renewable power producer Enery has reached financial close on a €460 million ( US$534.1 million ) syndicated green project financing.

The funding will be used for the construction of Enery’s Ogrezeni hybrid project in Giurgiu County, Romania, combining photovoltaic ( PV ) generation with battery energy storage system ( BESS ).

With an installed capacity of 761 megawatts ( peak ) / 534MW ( alternating current ) and more than 1 gigawatt-hour of battery storage, Ogrezeni will be among the largest hybrid projects in Europe.

The lenders are UniCredit ( global coordinator, sustainability coordinator and bookrunner ), Intesa Sanpaolo Group ( represented by Intesa Sanpaolo Bank Romania and Všeobecná úverová banka from Slovakia, as mandated lead arranger and bookrunner ), ING Bank and its Romanian subsidiary ( mandated lead arranger and facility and security agent ), Banca Transilvania and National Bank of Greece ( Cyprus ), both MLAs, and Exim Banca Românească and Alpha Bank ( lead arrangers ).

Accordion feature

The transaction includes term loan facilities, a revolving facility, a VAT facility, and ancillary facilities, as well as an accordion feature of up to €79 million, allowing for a potential increase in the project’s battery storage capacity. 

Sustain LCM Finance acted as debt syndication adviser on behalf of Enery. Schönherr was the borrower’s legal adviser, while Clifford Chance Badea acted as the legal adviser for the lenders. 

The financing was structured under Enery’s newly adopted Sustainable Financing Framework, which provides a standardized approach for issuing green and social financing instruments in alignment with the ICMA Green Bond Principles ( GBP ) and the LMA, LSTA and APLMA Green Loan Principles ( GLP ) and Social Loan Principles ( SLP ), and, where applicable, the requirements of the EU Taxonomy Regulation and evolving best market practices.  

Sustainable Fitch provided a second-party opinion ( SPO ) confirming the framework’s alignment with these standards. 

As additional financings are undertaken, proceeds may be allocated to eligible green projects such as renewable energy, green technologies, grid-ready sites projects, and biodiversity restoration, as well as to eligible social projects in education and affordable basic infrastructure. 

Three Seas fund 

The Ogrezeni hybrid project is underpinned by Enery’s partnership with the Three Seas Initiative Investment Fund ( 3SIIF ), a dedicated commercial infrastructure fund investing in energy, transport and digital infrastructure across EU member states in Central and Eastern Europe, with the aim of enhancing connectivity, energy security and economic growth in the “Three Seas” region between the Baltic, Adriatic and Black Seas. 

“Securing this financing is a major step in Enery’s growth journey and a clear vote of confidence in our ability to deliver complex, future-proof renewable energy infrastructure at scale,” says Enery chief executive officer Richard König. “With our Sustainable Financing Framework now in place, we are strengthening the foundation for long-term development across the CEE region and accelerating the transition to a more resilient, low-carbon energy system.” 

Sebastian Staicu, head of financing at Enery, adds: “This transaction reflects strong lender appetite for well-structured hybrid renewable projects and strong sponsors. The oversubscription and flexible financing package, including the accordion feature, provide a solid capital structure and positions the project for long-term optimization and value creation.”

Enery operates 566MW of installed capacity, and has a development pipeline of almost 10GW across 10 countries in the CEE region.