Israeli firm receives financing for 101MW solar project in Romania

Israeli energy developer Shikun and Binui Energy has secured a €49 million loan from Raiffeisen Group for the Simleu Silvaniei project, a 101-megawatt photovoltaic power plant in northwestern Romania.

Shikun and Binui Energy said they will sell electricity on the Romanian wholesale market or enter into Power Purchase Agreements (PPAs) directly with electricity trading companies and suppliers, enabling the sale of electricity to end customers.

Simleu Silvaniei is the second project in Romania to reach financial close, the first being the 71 MW Satu Mare. The solar park is in the final stages of construction and is meeting schedule and budget targets, according to Shikun and Binui Energy.

Oct: Company’s project plans exceed 1.5 GW

The company is currently developing a significant number of solar (841 MW) and wind (554 MW) projects in Romania. They are at various stages of development, the company stressed.

According to Didi Paz, CEO of Shikun and Binui Energy, the company sees great opportunities in the renewable energy sector in Romania and is strengthening its presence there, with a project portfolio exceeding 1.5 GW.

The solar power plant will be built by CJR Renewables

“This financing agreement marks an important step in the implementation of our strategy to expand our global renewable energy operations. We are pleased to be working again with Raiffeisen Bank and CJR Renewables, our construction contractor, who also accompanied us on the Satu Mare project, our first venture in Romania,” he said.

It is worth noting that in January, Shikun & Binui Energy won a tender in Israel for a solar plant with a capacity of 100 MW to 130 MW with storage capacity of 180 MWh to 240 MWh. The tender was conducted by Trans Israel, the operator of the Cross-Israel Highway.

The project is estimated to cost $120-146 million. The company plans to operate the facility for 25 years.

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