Econergy inks financing, route-to-market deal for 102-MWh BESS in UK

Israeli renewables-focused independent power producer (IPP) Econergy Renewable Energy Ltd (TLV:ECNR) has secured around EUR 32 million (USD 35.3m) in financing from Goldman Sachs for its Swangate battery energy storage system (BESS) project in Yorkshire, UK.

The BESS, with a storage capacity of 102 MWh, is set to be connected to the electricity grid by the end of 2024.

The Goldman Sachs loan will cover the costs of project development and operational needs. This includes approximately EUR 30 million allocated to construction and the repayment of existing shareholder loans, Econergy said in a press release on Tuesday.

Additionally, the IPP entered into a long-term route-to-market agreement with Goldman Sachs for the trading and optimisation of the Swangate battery.

“Econergy Group remains committed to advancing renewable energy solutions across Europe and invites strategic partners to explore further collaborative opportunities as we drive forward our ambitious project portfolio”, Eyal Podhorzer, CEO at Econergy, said in the statement.

Econergy’s UK portfolio currently includes 18 solar photovoltaic projects totalling around 1.5 GW and 26 energy storage projects, co-located and standalone systems, with a combined capacity of around 6.8 GWh.

(EUR 1.0 = USD 1.104)

Choose your newsletter by Renewables Now. Join for free!