UniCredit Bank Romania said it completed the project finance transaction through which it offered total financing of EUR 39.3 million to Comcris Energy SRL, a subsidiary of Vienna-based renewable generation company Enery. The loan is aimed at financing the development, construction and operations of the Sarmasag 51.4 MW DC photovoltaic plant in Salaj county.

Once completed, the Sarmasag project will be a new addition to Enery’s existing 117 MW operational renewable energy portfolio in Romania.

The project will benefit from a long-term Corporate Power Purchase Agreement with Ursus Breweries, according to the press release. Construction works are ongoing, with the substation works completed in November 2023.

Cong Ta, Vice President M&A and Business Development at Enery, said: “The financial close of 51.4 MW PV Project Sarmasag marks a new milestone in Enery’s growth story in Romania and once completed, would nearly double our existing PV capacity in the country.”

UniCredit Bank was assisted by CMS Romania as the Lender’s English and Romanian law Legal Counsel. Meanwhile, Enery was assisted in this transaction by Clifford Badea Chance Romania as the Borrower’s Legal Counsel.