Solar energy company Photon Energy secures EUR 15 mln loan from EBRD for PV parks in Romania

Photon Energy, a group of companies providing solar energy, clean water solutions, and environmental remediation worldwide, announced it secured a loan to finance its portfolio of photovoltaic parks in Romania.

The loan, totaling EUR 15 million, represents the group's second project financing for European photovoltaic solar energy assets operating on a free market basis, selling energy without a Power Purchase Agreement (PPA) or state 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 “Demand Response” services.

The EBRD loan is made possible by a guarantee from the European Union under its InvestEU program.

Photon Energy is currently developing large-scale photovoltaic solar projects with a combined total capacity of over 1.2 GWp in Australia and major 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 monetize the generated energy, has been successfully implemented in 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 the electric energy on the market represents a strong confidence in the Romanian energy sector, as does the financing of our projects provided by the EBRD," commented Georg Hotar, CEO of Photon Energy Group.

Since its establishment in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 160 MWp and has power plants with a combined capacity of 131.1 MWp in its own portfolio. It is currently developing projects with a combined capacity of 1.2 GWp in Australia, Hungary, Poland, and Romania.

(Photo source: the company)