Photon Energy Group announced that it has signed a senior secured loan agreement with the European Bank for Reconstruction and Development (“EBRD”), securing up to €15m in funding.
This marks the Group’s second venture into project financing for European PV assets on a merchant basis, where energy is directly sold to the market without reliance on a power purchase agreement or state support.
The investment will specifically aid in constructing and completing Photon Energy’s portfolio in Romania: six solar parks totalling 29MWp in capacity.
The EBRD will also help support the Company’s demand response services, capacity market bonds, and the research and development CapEx of Lerta S.A. Additionally, the European Union (EU) has guaranteed the loan through its InvestEU Programme.
Other utility-scale solar PV projects are in development by Photon Energy, with a combined capacity exceeding 1.2GWp across Australia, and central and eastern European countries – including over 210MWp in Romania.
Georg Hotar, CEO of Photon Energy Group, said:
“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.”
Hotar additionally noted that the agreement demonstrates the company’s capability in developing, engineering, constructing, financing, and operating PV installations while effectively monetising the generated electricity.
[Image credit: Photon Energy Group]
