Israel-based group Shikun and Binui Energy will build a photovoltaic (PV) power plant with a total installed capacity of approximately 70 MW in Satu Mare, northwestern Romania. To finance the project, a company from the group took a loan of EUR 40.5 million from Raiffeisen Bank International and Raiffeisen Bank Romania.

"The financing contract we concluded with the Raiffeisen group for the Satu Mare project marks a milestone for us, the transition to another level in the development of the company's global operations. After several years of intensive development in the Romanian energy sector, our first project has reached the financing stage, and we can start construction," said Yuval Skornik, vice president of Business Development, Shikun and Binui Energy.

"Shikun and Binui Energy recognize CEE and especially Romania as strategic markets, taking into account geopolitical and macroeconomic developments in the region. The Satu Mare project is our first major investment in the Romanian and European market," added CEO Didi Paz.

At the end of last year, Shikun and Binui Energy signed a contract with a European EPC contractor for the photovoltaic park, including design, civil, mechanical and electrical engineering, equipment procurement, and construction. Design work and procurement of main equipment have already started, and commissioning is planned for the second quarter of next year.

The electricity produced will be sold on the centralized electricity market in Romania or through PPA contracts to traders and/or electricity suppliers to be supplied to final consumers.

Shikun and Binui Energy specializes in the development, construction, operation and maintenance of renewable energy assets and natural gas-fired power plants in Israel, Italy, California, Texas, and Romania, with a total capacity of about 5.4 gigawatts.

Raiffeisen Bank has been active in the Romanian banking market for over 25 years, serving over 2.3 million clients.

irina.marica@romania-insider.com

(Photo source: Deyangeorgiev | Dreamstime.com)