Okira Energy has secured a $60m (£69.58m) loan facility from Komunclredit Austria to finance its first standalone battery energy storage system (BESS) in Romania.
The loan facility will support the construction of 250 MW in Gora Illumeti, Illumita County, which will be the largest of its kind in Central and Eastern Europe.
The Okira Romania battery storage project will be delivered in two phases, with construction of the first phase already underway. The entire project is expected to be fully operational by mid-2026.
CommunalReddit served as the sole mandatory lead arranger for the loan facility.
Okira’s Managing Director for Project Finance Aidan Yates said: “We are delighted to be partnering with Komunclredit in this landmark transaction for Okira and the Romanian storage market.
“Base projects are playing an increasingly important role in providing the flexibility and reliability needed to balance supply and demand in a rapidly evolving generation mix, stabilize grid frequency, and balance supply and demand to ensure consistent power supply.
“This first financing for Okira in Romania brings together our market-leading local and international expertise in the platform to deliver the first project in our 2GW Romanian base pipeline. It demonstrates our ability to deliver large, complex projects in multiple markets, as we expand our European generation and storage platform.”
The principal advisors for the transaction included Akiros Capital as financial advisor and Clifford Chance Badia as legal advisor to the Lenders, with Dentins as legal advisor to the Lender and Consulting as technical advisor to the Lender.
Arnaud de Lepertlier, senior transactor at ComunclRedit, said: “This project is a decisive step towards strengthening Romania’s energy resilience. By supporting Okira’s first battery storage initiative, we are helping to significantly improve grid stability, in line with ComunclRedit’s vision to accelerate the energy transition in Europe.”
Founded in 2021 by renewable energy executives Pascal Ammans and Katalin Breban, Accra focuses on the development, construction, and operation of solar, wind, and battery storage projects.
The company is currently developing more than 16 GW of pipelines in the UK, Germany, Belgium, Italy and Romania.
“Ocara Energy’s First Standalone Base Project in Romania Secures €60 Million” was originally created and published by Power Technologya Global Data owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to constitute advice on which you should rely, and we make no representations, warranties or guarantees, whether expressed or related to its accuracy or completeness. You should seek professional or expert advice before taking any action based on the content on our site.