Econergy Renewable to form $226m joint ventures with Phoenix Insurance and RGreen Invest.

Econergy Renewable, a renewable investment and management company, agreed to form $226m joint ventures to develop solar projects in Romania and Poland with Phoenix Insurance, a provider of savings and retirement business, and RGreen Invest, a provider of asset management services. Phoenix Insurance will provide Econergy with $170m to support the construction of a number of the company’s solar projects in Romania and Poland that are expected to start construction during 2022. RGreen, a French asset manager, will provide approximately $57m in equity and loan to support the construction of Econergy’s 90MW Romanian solar project in Parau. Additionally, RGreen will make available a development fee to Econergy for the construction work and management services for the project’s connection to the electricity grid for a period of 10 years.