Econergy - Parau 2 PV & BESS

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The Project involves the provision of a senior secured loan of EUR 55 million and a debt service reserve facility of EUR 1.8 million as part of a club financing to support the development, construction and operation of a 342 MWp solar photovoltaic power plant and a 150 MW / 300 MWh co-located battery energy storage system in Romania. The Project is expected to generate approximately 435.91 GWh of renewable electricity annually and will combine utility-scale solar generation with battery storage, thereby enhancing the flexibility and resilience of the Romanian power system. The loan is expected to benefit from the InvestEU guarantee, with the benefits expected to be shared with part of the co-lenders.

Project ID 57033

Status Signed

Location

Romania

Industry Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Javier Flamarique
javier@econergytech.com
+34 638 579 462
https://www.econergytech.com

Project ID 57033

Status Signed

Location

Romania

Industry Sector

Energy

Notice Type

Private

Environmental Category

Approval Date

08 Jul 2026

Disclosure date

20 Aug 2026

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Project Objectives

The Project will contribute to climate change mitigation and Romania's green energy transition through the construction of large-scale renewable generation capacity and battery energy storage. The Project will support the integration of renewable energy into the national electricity network and contribute to strengthening system flexibility and security of supply.

Transition Impact

ETI score: 66

The Project targets the Green transition quality through the construction of 342 MWp of solar capacity and supports the Resilient transition quality through the deployment of a 150 MW / 300 MWh battery energy storage system. The Project is expected to reduce greenhouse gas emissions by approximately 180,667 tonnes of CO2 per year while facilitating increased integration of renewable energy into Romania's electricity system.

Client Information

HELIOWIN SRL

Heliowin SRL (the "Client") is a limited liability company incorporated in Romania for the purpose of developing and operating 342 MWp of solar capacity and 150 MW / 300 MWh battery energy storage system. The Project is ultimately owned by Econergy Ltd, an Israeli company publicly listed on the Tel Aviv stock exchange.

EBRD Finance Summary

EUR 56,800,000

Total Project Cost

EUR 300,000,000

Additionality

The Bank's additionality stems from its ability to provide long-tenor project finance for an innovative hybrid renewable energy project combining solar generation and battery storage. The Project represents EBRD's first financing of a co-located PV and BESS project in Romania and supports market development for utility-scale energy storage. The Bank also contributes through project structuring, environmental and social standards, and mobilisation of commercial financing.

Environmental and Social Summary

Categorised B (ESP 2024). The Project involves the development, construction, and operation of a portfolio of a cluster of 3 solar photovoltaic plants (SPPs), with a total installed capacity of 342 MWp and a co-located Battery Energy Storage System (BESS) to be installed adjacent to the new 33/400 kV Vad Substation. The BESS capacity is envisaged at 150 MW/300MWh, while the Building Permit and the updated ATR (Technical Connection Permit) authorize up to 200 MW of storage capacity. The project also includes two UTL routes, for connection of the clusters to Vad Substation. The Projects have been approved and permitted by the National Competent Authorities.

Environmental and social impacts are expected to be limited, site-specific, and manageable through the application of good international industry practices. Key issues are typical of similar PV developments and primarily arise during the construction phase. These include water use, temporary construction-related disturbances, increased traffic, land acquisition, occupational health and safety, and community engagement. An independent consultant conducted Environmental and Social Due Diligence (ESDD), complemented by a site visit and meetings with the Client by the ESD representative. The ESDD focused on site sensitivity, suitability, and stakeholder engagement planning and social impacts.

ESDD included an identification of the potential impacts of the proposed investments which need to be considered by the project developer during the construction and the operation periods, and the way these impacts will be addressed as well as assessing main aspects which need to be addressed by the Client to fulfil all the Environmental and Social Requirements (ESRs) as per the Environmental and Social Policy provisions developed by EBRD. A site visit by the consultant and detailed discussions with Client management at the corporate and project level were carried out as part of the ESDD along with additional specific biodiversity assessments performed at the project location.

As an InvestEU operation, the Project is subject to sustainability proofing and has been assessed against applicable EU environmental legislation and the EU Taxonomy framework. It is expected to make a substantial contribution to climate mitigation while meeting the "Do No Significant Harm" principle. Given the greenfield nature of the Project, particular attention has been given to land use considerations: the site comprises predominantly low biodiversity value land, with measures to minimise soil disturbance and preserve agricultural use where feasible, including controlled grazing. In line with commitments under the InvestEU approval, the Project ensures reversibility of land use and restoration to its original agricultural condition at the end of its lifecycle.

Project locations are located near, but not within, Natura 2000 sites, however, the project partially overlaps with IBA RO053 / KBA 24375 i Dealurile Nordice ale Muniilor Figirai (SW solar PV park and UTL section), and with IBA RO055 / KBA 24377 i Pidurea Bogata (NE solar PV park and UTL section). Although these overlaps occur within biodiversity importance areas, no critical habitats, as defined by EBRD ESR6, are present within the project areas, and the land is largely composed of arable fields and ruderal grasslands of low conservation value. Some protected bird and other vertebrate species, categorized as priority biodiversity features (PBF) under EBRD ESR 6, are present in the natural habitats around and near the project footprint, and use modified habitat patches around or on some of the project footprint parcels. Measures to avoid project impacts on PBF have been proposed as part of the biodiversity assessment and captured in the ESAP. The project can contribute to a possible net gain of local biodiversity values by transforming arable land into a managed grassland (along the rows between the panels) and by the cessation of pesticide use. The project presents opportunities for additional biodiversity gains. Through the ESAP, a Biodiversity Management and Monitoring Plan should be developed including Adaptive Birds and Bats Management measures. A biodiversity specialist shall be appointed as part of the project team, to oversee the BMP implementation.

The Project components have undergone the permitting procedure to obtain the environmental agreement, and it has been concluded that an Appropriate assessment was not required. The permits obtained specify that both during the construction and the operational phase, the impact on terrestrial and aquatic ecosystems is insignificant. According to the competent authority, the site is not located within or in the immediate vicinity of any officially designated sensitive area.

The project does not involve physical or economic displacement of population. Risks to the health and safety of surrounding communities are limited and mostly related to the construction phase and can be avoided or mitigated through ESHS practices. All the necessary land for the PV solar plant has been secured mostly being leased.

While portions of the affected land are categorized as grassland/hayfields, they are actively used by local shepherds for grazing. Consistent with existing practices at the Piriu 1 solar project, the developer intends to maintain controlled grazing access on project sites, thus preserving part of the traditional livelihood base.

Potential cumulative effects may arise only in the event of overlapping construction periods with nearby projects, primarily relating to construction traffic, noise and vibration, and community health and safety. These aspects are addressed through specific mitigation measures included in the Environmental and Social Action Plan (ESAP). Overall, no significant cumulative environmental or social impacts are anticipated for Parau 2 project.

No significant cultural heritage sites have been identified within the project area. A chance-find procedure will be in place to address any unexpected discoveries during excavation. The Client operates in compliance with applicable national environmental and social regulations. Stakeholder engagement activities have been carried out to inform local communities, gather feedback, and address concerns. A transparent grievance mechanism is in place to allow stakeholders to raise issues throughout the project lifecycle.

Risks on the supply chain of PV panel and BESS suppliers were assessed through assessment of both corporate policies and tools as well as assessment of risks in the upstream supply chain. Client has already developed and has been implementing a sustainable procurement policy, a code of conduct for suppliers, monitoring and auditing of suppliers as well as contractual measures for enforcement of ESG requirements. The Client's approach is in line with Bank requirements, albeit additional supply chain management system (SCMS) improvements have been included in the ESAP. As part of the ESDD an assessment of solar PV and BESS suppliers has been undertaken, including a review of supply chain traceability, project-specific maps and supplier agreements, and this has resulted in overall low risks.

The overall ESDD conclusion is that there are no major environmental and social risks associated with the development and operation of Parau 2 solar Project, however, there were some aspects that the project owner will have to consider during construction and operation phases. These aspects are synthetized in the Environmental and Social Action Plan agreed with the Client prior signing.

A Non-technical Summary (NTS) and a Stakeholder Engagement Plan (SEP) have been prepared for the project and will be disclosed by the Client as well as on EBRD website.

Green assessments

Paris Agreement alignment

The Project is considered to be aligned with both the mitigation and adaptation goals of the Paris Agreement, based on the application of the EBRD's Paris alignment approach for directly financed investments.

The project is aligned with mitigation goals of the Paris Agreement as it features on the joint MDB aligned list under the category "Generation of renewable energy with low lifecycle GHG emissions to supply electricity, heating, mechanical energy or cooling''

No material physical climate risks were identified for the project. The project does not contravene national policies for adaptation or the climate resilience of the wider system. It is, therefore, aligned with the adaptation goals of the Paris Agreement.

Green finance attribution
100% of EBRD's financing is classified as green finance, as it supports activities that contribute to climate mitigation. The attribution is made in line with the methodology used to determine the green finance attribution of EBRD investments,and specific guidance in line with climate change mitigation finance criteria for Energy sector, Generation of renewable energy (e.g., from wind, solar, wave power, etc.) with negligible lifecycle GHG emissions.

Company Contact Information

Javier Flamarique
javier@econergytech.com
+34 638 579 462
https://www.econergytech.com

PSD Last Updated

20 Aug 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Econergy - Parau 2 PV & BESS

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)