Israeli-based firm bags financing for 101 MW solar project in Romania

Israeli energy developer Shikun and Binui Energy has secured a EUR 49 million loan from Raiffeisen Group for the Șimleu Silvaniei project, a 101 MW photovoltaic facility in northwest Romania.

Shikun and Binui Energy said it would 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 its second project in Romania to reach financial close. The first was Satu Mare, with a capacity of 71 MW. The solar park is in the final stages of construction, meeting schedule and budget goals, according to Shikun and Binui Energy.

Paz: The company’s project pipeline exceeds 1.5 GW

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

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

The solar power plant will be built by CJR Renewables

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

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

The project is estimated at USD 120 million to USD 146 million. The company is set to operate the facility for 25 years.