Shikun & Binui Energy to build 70 MW PV plant in Romania

To finance the investment, Shikun & Binui Energy contracted a loan worth 40.5 million euro ($43.4 million) from Raiffeisen Bank International and its Romanian unit, RBI's Romanian unit said in a press release.

The group signed a contract at the end of last year with an undisclosed European engineering, procurement, and construction company for the project.

"Shikun & Binui Energy recognize Central and Eastern Europe and especially Romania as strategic markets, taking into account geopolitical and macroeconomic developments in the region. The Satu Mare project is for us the first major investment on the Romanian and European market," Shikun & Binui Energy CEO Didi Paz was quoted as saying.

Raiffeisen Bank, part of Austria's RBI Group, has been present in Romania for over 25 years. The bank serves more than 2.3 million clients and employs 4,930 people.

Shikun & Binui Energy is the Israeli group subsidiary active in the development, financing, construction and operation of solar, hydro, wind, and natural gas-powered plants.

($=0.9331 euro)