Phoenix Group Invests €160 Million in Green Energy Platform

Renewable energy company Econerg is deepening its strategic partnership with the Phoenix Group, which will inject €160 million into a new platform consolidating the company's primary operations in Romania. This investment, alongside an additional €43 million from a framework agreement signed in 2023 and expanded in early 2025, brings Phoenix's total commitment to €225 million.

Under the new agreement, Econerg UK will establish a wholly-owned holding company to which all Romanian project holdings will be transferred. In return, Phoenix will receive redeemable preferred shares with an 8.5% annual coupon. The holding company is obligated to draw €130 million within the next 12 months, with an option for an additional €30 million later.

Furthermore, Phoenix has been granted approximately 1.39 million options to purchase Econerg ordinary shares at ₪77.5 per share. A significant portion of the additional investment, €c38 million of the €c43 million, is earmarked for integrating energy storage systems into eight of Econerg's solar projects in Romania.

This move aims to bolster Econerg's position in the Romanian market, where it currently manages 743 megawatts of connected or ready-to-connect projects, with an additional 861 megawatts under construction. Eyal Podhorzer, co-founder and CEO of Econerg, expressed confidence in the deal, stating it signifies Phoenix's trust in Econerg's growth strategy and the Romanian portfolio's potential. He added that the €160 million financing will accelerate project development and construction while maintaining financial stability.