The financing for the Swangate Project provided by Goldman Sachs International Bank, totals approximately 32 million Euros (£27 million). The loan structure supports both project development and operational needs: About 30 million Euros (£25 million) have been earmarked for project construction costs and the repayment of existing shareholder loans.
The funding will help to further drive the energy transition in the UK by covering the substantial costs of construction and the repayment of shareholders’ loans.
Hedging and security: Close to the first withdrawal date, a hedging agreement to manage interest rate fluctuations will be put in place. The loan is secured by collateral typical for transactions of this nature.
Route-to-market agreement
Separately, Econergy Group has also entered into a long term route-to-market-agreement with Goldman Sachs for the trading and optimisation of the Swangate Project.
Also see: Large battery storage systems as new champions
Econergy Group continues to expand its footprint in the energy sector with ongoing projects, including the Dalmarnock Project in Glasgow (Scotland), which features 82MWh of energy storage capacity and is scheduled to connect to the grid in Q3/2025.
Large portfolio of PV and storage projects in UK
The company currently holds a large portfolio of renewable energy projects the UK, which includes 18 PV projects totalling approximately 1.5GW, and 26 energy storage projects which combine co-location and stand-alone projects totalling capacity of about 6.8GWh.
Also see: Sungrow – 1.4 GWh storage supply for Penso Power and BW ESS
“Econergy Group remains committed to advancing renewable energy solutions across Europe and invites strategic partners to explore further collaborative opportunities as we drive forward our ambitious project portfolio”, said Eyal Podhorzer, CEO at Econergy. (hcn)
