LONDON, Nov 18 (Reuters) – Israel’s Econergy Renewable Energy (ECNR.TA) has secured 250 million euros ($258 million) of financing from French asset manager RGREEN INVEST to strengthen its investments in renewable energy projects across Europe, the firm said on Friday.
RGREEN INVEST will provide 87.5 million euros in corporate financing to Econergy International Limited, the British subsidiary of the Israeli-listed company, to strengthen the company’s pipeline development and growth plans in Britain.
Another 163 million euros of investment will be provided to support the construction of solar and wind projects across Europe.
Econergy develops solar, wind and storage projects and has more than 7.5 gigawatts (GW) of projects under development in countries such as Italy, Spain, Britain, Romania, Poland and Greece.
It aims to have to have 4 GW connected to the grid by the end of 2025.
“With a pipeline of 224 projects and development capabilities that are significant, while there is volatility in the market, we are ready to make the leap to reach this next milestone that will benefit all company stakeholders,” said Eyal Podhorzer, chief executive of Econergy.
($1 = 0.9686 euros)
Reporting by Nina Chestney; Editing by Josie Kao
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