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Erste Group and BCR arrange financing for Enery to acquire renewables portfolio in Romania

The Austrian renewable energy company, Enery Power Holding, has signed a senior term loan and revolving credit facilities agreement for the acquisition of a multi-asset
renewable energy portfolio held by Jade Power Trust in Romania, the Ereste Group announced on 15 February.

The facility was arranged by the Austrian Erste Group Bank and its Romanian subsidiary Banca Comercială Română (BCR), both acting as mandated lead arrangers and hedge providers, while Banca Comercială Română also acted as a facility, security agent and account bank.

The credit facility, which has a maturity of 11 years, “confirms the support” that BCR and Erste Group are providing for the surging demand for green and sustainable energy projects in the region, in which Romania is a key market for renewable energy investors, Ereste Group said.

“The energy sector in Europe finds itself at a crossroads. At Erste Group, our primary aim has always been to support the economic well-being of our core markets across CEE. An integral part of this involves serving as a catalyst for the region’s energy transition, even in times of great market uncertainty,” said Radu Moldovan, Industry Lead Energy and Utilities at Erste Group.

“We do so by supporting demonstrable change by providing financing to innovative and ambitious corporates like Enery, which through this latest acquisition continues to underscore its commitment to improving the perspectives for our region,” added Ladislav Tolmaci from Erste’s Corporate Finance Solutions team.

The multi-asset portfolio purchased by Enery Power Group has a total installed capacity of 81 megawatts (MW), which includes two wind farms in the Dobrogea region, two photovoltaic systems and two micro-hydroelectric power plants. With the latest acquisition, Enery’s portfolio of operations in Romania has grown to 273 MW, increasing its total production to 375 gigawatt-hours (GWh).

”Romania has the potential to become a major player in the clean energy technologies sector, and our aim is to provide relevant funding for renewable energy and energy efficiency projects,” stated Bogdan Cernescu, Managing Director, Head of Corporate Coverage at BCR. “The financing provided to Enery Power Holding is a positive sign for our market. It shows that there is a growing appetite for green-energy financing under rapidly changing conditions that will increase the resilience of our energy industry to geopolitical challenges, reducing fossil fuels dependency and resources consumption in general.”

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