Photon Energy announces that it has signed a senior secured loan agreement in the amount of up to EUR 15 million with European Bank for Reconstruction and Development (EBRD).
The signing of the agreement represents the Group’s second project financing of European PV assets that operate on a merchant basis, selling energy to the market without a power purchase agreement or state support.
The EBRD’s investment will finance the construction and completion of Photon Energy’s portfolio of six solar parks with a capacity of 29 MWp in Romania. As part of the project EBRD will also support the Company in expansion of demand response services, capacity market bonds and the research and development CapEx of Lerta S.A.
The EBRD’s loan is enabled by a guarantee from the European Union (EU) under its InvestEU Programme.
Photon Energy is currently developing utility-scale solar PV projects with a combined capacity of over 1.2 GWp in Australia and its key CEE markets, including over 210 MWp in Romania.
‘The signing of this financing agreement confirms that our integrated business model based on the ability to develop, engineer, construct, finance and operate PV installations, as well as monetise the generated electricity, has been successfully deployed in the Romanian market. Our decision to commit to the construction of additional PV power plants with a total capacity of 29 MWp and sell electricity into the market represents very strong confidence in the Romanian energy sector, as does the project financing for our projects provided by EBRD,’ commented Georg Hotar, CEO of Photon Energy Group.
