Enery secures €460 million green financing for Europe's largest hybrid solar and storage project in Romania

Enery has secured a EUR 460 million syndicated green financing package to build the Ogrezeni hybrid renewable project in Giurgiu County, Romania, marking a substantial step for large‑scale decarbonisation in Central and Eastern Europe. According to Business Review, the transaction was signed with a consortium of seven banking groups and closes the financing needed to combine utility‑scale photovoltaic generation with more than 1 GWh of battery energy storage at a site that will be among Europe’s largest hybrids.

The Ogrezeni complex will deliver 761 MWp (534 MW AC) of solar capacity paired with battery energy storage exceeding 1 GWh. Industry sources estimate the plant, once operational, will produce the equivalent of roughly 684,000 households’ annual electricity consumption and cut about 303,000 tonnes of CO2 emissions each year. Enery announced the start of construction in a company press release and multiple national outlets reported the project commenced in January 2026.

UniCredit acted as Global Coordinator, Sustainability Coordinator and Bookrunner for the deal. Other mandated lead arrangers and bookrunners include Intesa Sanpaolo Group (through Intesa Sanpaolo Bank Romania and Všeobecná úverová banka), ING and its Romanian arm, Banca Transilvania, and National Bank of Greece (Cyprus), with Exim Banca Românească and Alpha Bank participating as lead arrangers, according to Business Review and Enery’s statement. The facilities include term loans, a revolving facility, a VAT facility and ancillary lines, plus an accordion option that could add up to EUR 79 million to extend battery capacity.

Enery structured the transaction under a newly introduced Sustainable Financing Framework designed to standardise the issuer’s approach to green and social funding. The framework is aligned with the ICMA Green Bond Principles and the Green Loan Principles of LMA/LSTA/APLMA, as well as the Social Loan Principles where relevant, and it takes into account the EU Taxonomy and prevailing market practice. Sustainable Fitch provided a Second Party Opinion confirming the framework’s consistency with these standards, the company said.

The financing is presented as the first drawdown under that Framework; Enery indicated future allocations may target renewable generation, grid‑ready sites and green technologies, biodiversity restoration projects and selected social investments such as education and basic infrastructure. Enery’s head of ESG commented that the framework “ensures that our funding strategy is fully aligned with international standards and EU regulatory developments.”

Syndication advice was provided by Sustain LCM Finance, founded by Gratia Popescu, while Schönherr and Clifford Chance Badea served as legal advisers to the borrower and lenders respectively. Business Review and national trade outlets also noted the project is backed by the Three Seas Initiative Investment Fund, a commercial infrastructure vehicle focused on energy, transport and digital assets across the CEE “Three Seas” region.

Enery’s management framed the transaction as both a milestone for the company’s expansion and a signal of investor appetite for sophisticated hybrid renewables. “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. 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,” Richard König and Lukas Nemec said in the company release. Sebastian Staicu, Head of Financing, highlighted lender interest and the syndicate’s composition as validation of the project’s strategic importance to Romania’s energy transition.

Enery is an independent power producer with an operational fleet and a sizable development pipeline across the region. Company figures state an existing installed base of 566 MW producing some 766 GWh annually, and a near‑10 GW pipeline across ten CEE countries. Earlier syndicated financing activities involving BCR and Erste Group were disclosed in 2024 and allocated to portfolio refinancing and new PV and storage deployments in Romania, indicating Enery has been actively layering capital to scale capacity and cohort storage alongside generation.

For industrial decarbonisation stakeholders, Ogrezeni illustrates several converging trends: growing lender willingness to fund merchant and hybrid generation-plus‑storage projects at scale; the use of standardised sustainability frameworks to broaden investor pools; and a regional infrastructure financing focus supported by multilateral and commercial funds targeting energy security. The project’s accordion clause and multi‑facility structure also reflect a pragmatic approach to futureproofing capital structures for technology additions and evolving market conditions.

While the deal represents a major infusion of capital for Romanian renewables, successful delivery will hinge on construction execution, grid integration and market arrangements for storage revenue stacking, areas where Enery’s prior experience with third‑party storage management and corporate green PPAs may be decisive. According to industry reporting, engineering and construction roles are being undertaken by regional contractors, further underscoring the project’s scale and its potential impact on local supply chains.

Ogrezeni’s financing and commencement thus serve as a test case for financing very large hybrid assets in CEE, and a template for how developers can marry project finance techniques with sustainability standards to attract broad syndicates of banks while positioning assets to support both decarbonisation and energy system stability.