Alina Oprea • 10 January, 2024 at 5:30 PM
UniCredit Bank Romania has financed the photovoltaic plant in Şarmăşag, Sălaj County, with €39.3 million, thus supporting Romania's transition to green energy. The bank completed a project financing transaction, in the total amount of €39.3 million, with Comcris Energy SRL, a subsidiary of the production company from renewable sources Enery, from Vienna. The financing package supports the development, construction, and operation of the 51.4 MW DC Şarmășag photovoltaic plant, located in Sălaj County.
Once completed, the Şarmășag project will increase Enery's existing operational renewable energy portfolio in Romania, currently 117 MW.
The construction work of the project is ongoing and the station is already completed as of November 2023.
The project will benefit from a long-term Corporate Power Purchase Agreement with Ursus Breweries (part of the Asahi Group), the largest beer producer in the country – a unique PPA corporate agreement of its kind in Romania.
UniCredit Bank was assisted by CMS Romania, as a legal advisor under English and Romanian law. The Enery company was assisted in this transaction by Clifford Badea Chance Romania, as a legal advisor.
"Through the strategy adopted in 2022, UniCredit assumed and maintained a central role in facilitating the transition to a sustainable economy in the markets where the bank operates. We are therefore proud to have participated as Sole Lender in this structured transaction for our client, Enery. We consider it a benchmark financing for the green energy sector in Romania and a significant sustainable financing transaction for UniCredit's ESG objectives", says Raluca Popescu, Executive Vice President Corporate & Investment Banking Division of UniCredit Bank.
Daniel Sava, Director of Finance & Advisory UniCredit stated that similar to other markets where the Group is present, its decisions and actions in Romania also take into account ESG objectives, which have become part of their business model.
"We are committed to increasing the share of green lending in our financing portfolio," he said.
Once completed the project will almost double Enery's existing photovoltaic capacity in the country.
"The project follows our strategy to sell affordable and long-term green electricity to our customers," says Cong Ta, Enery's Vice President of M&A and Business Development.