Econergy Renewable Energy Ltd. secured €200 million in loans and equity from two separate joint ventures to support the construction of its projects in Romania and Poland.

In the first deal, the Israel-listed renewables developer will receive a €150 million loan from Phoenix Insurance for projects that are expected to start construction in 2022. Phoenix Insurance will provide nearly €40 million as a permanent loan and nearly €110 million as a convertible loan, which it can convert for a 49% interest in the projects, according to a Feb. 21 news release. Econergy noted that Phoenix Insurance is the largest insurance company in Israel.

Separately, Econergy will receive €50 million in equity and loans from French asset manager Rgreen to support the construction of its 90-MW solar project in Parau, Romania. RGreen will also pay Econergy €9 million as a development fee and nearly €5 million for management services during construction and the project's connection to the electricity grid.

Econergy expects to start construction of the Parau project in the second quarter of 2022 and to connect the project to the grid no later than the first quarter of 2023.

The company has projects in Romania with more than 1.5 GW in development and has a 550-MW pipeline under development in Poland.

"We will continue to take action to expand and to progress the projects in our pipeline in the various markets we operate in as we look to play a leading role in the energy transition in Europe," Econergy CEO Eyal Podhorzer said in the statement.