Photon Energy announces that it has signed an agreement for a loan line of up to 15 million euros with the European Bank for Reconstruction and Development (EBRD). The agreement was signed with the European Bank for Reconstruction and Development to finance six photovoltaic power plants with a combined capacity of 29 MWp, as well as capacity market auctions and Lerta S.A.’s CapEx research and development expenses.
The agreement for the secured loan is up to 15 million euros over a period of 7 years.
Photon Energy currently has additional large-scale solar projects with a total combined capacity of over 210 MWp in various stages of development in Romania.
The signing of the agreement represents the Group’s second project financing for European solar PV assets operating on an open market system, selling energy without a Power Purchase Agreement (PPA) or government support.
The EBRD investment will finance the construction and completion of Photon Energy’s portfolio of six photovoltaic parks, with a capacity of 29 MWp in Romania. As part of the project, the EBRD will also support the company in expanding its “Demand Response” services, as well as capacity market tenders and Lerta S.A.’s CapEx research and development expenses.
The EBRD loan is made possible by a guarantee from the European Union under its InvestEU programme.
Photon Energy is currently developing large-scale solar PV projects with a total combined capacity of over 1.2 GWp in Australia and key markets in Central and Eastern Europe, including over 210 MWp in Romania.
“The signing of this financing agreement confirms that our integrated business model, based on the ability to develop, design, build, finance and operate photovoltaic systems, as well as to monetize the energy generated, has been successfully implemented on the Romanian market. Our decision to engage in the construction of additional photovoltaic power plants, with a total capacity of 29 MWp, and to sell electricity on the market represents a great confidence in the Romanian energy sector, as does the financing of our projects offered by the EBRD,” said Georg Hotar, CEO of Photon Energy Group.