As part of the financial close, the project company will receive a loan from Raiffeisen Bank International AG. The financing arrangement allows us to sell the generated electricity on the Romanian wholesale market or enter into Power Purchase Agreements (PPAs) directly with electricity trading companies and suppliers, enabling the sale of electricity to end customers.
The Simleu Silvaniei Project marks Shikun and Binui Energy's second project in Romania to reach financial close and commence construction, following our first project, Satu Mare (71 MW), which is in the final stages of construction, meeting schedule and budget goals. Concurrently, the company is actively developing a significant pipeline of solar (841 MW) and wind (554 MW) projects in the country at various stages of development and in different locations.
"We see significant opportunities in the renewable energy sector in Romania and are strengthening our presence in the Romanian market with a substantial project pipeline exceeding 1.5 gigawatts. The current financing agreement marks an important step in realizing our strategy to expand our global operations in renewable energy. We are pleased to collaborate once again with Raiffeisen Bank and CJR Renewables, our construction contractor, who also accompanied us in the Satu Mare project, our first venture in Romania”, said Didi Paz, CEO of Shikun & Binui Energy.
