Econergy Renewable Energy has secured financing from Raiffeisen Bank for its 92 MW Parau solar project in Romania, marking the Israeli company’s second such transaction with the bank.

Econergy Renewable Energy secured a €38 million ($39.5 million) project financing deal with Raiffeisen Bank International (RBI) to repay related-party loans used for acquiring, developing, and building the 92 MW Parau photovoltaic solar project in Romania. The project began operations earlier this year.

“This milestone strengthens Econergy's partnership with Raiffeisen Bank International (RBI) following the successful financing of the 155 MW Ratesti solar project and underlines RBI's confidence in Econergy's leadership and commitment to renewable energy development in Romania,” said Israel-based Econergy Renewable Energy.

The loan includes a maturity of up to 10.5 years, structured repayments, and a balloon payment at final maturity, with an interest rate linked to the six-month Euro Interbank Offered Rate (EURIBOR).

Earlier this month, Econergy Renewable Energy announced the completion of a bond issuance, raising ILS 329 million ($89.8 million).