The European Bank for Reconstruction and Development (EBRD) is currently deliberating the possibility of extending a senior secured loan of up to EUR 15 million (approximately USD 16.0 million) to Photon Energy. This financial support aims to bolster Photon Energy's solar projects and the expansion of its virtual power plant (VPP) services unit, Lerta, within Romania.
Based in Amsterdam, Photon Energy intends to allocate the loan funds to the finalization of six solar photovoltaic projects with a combined capacity ranging from 20 MW to 30 MW. On average, each of these projects is expected to generate around 5 MW of clean energy, according to the bank's statement.
Furthermore, the EBRD's financial backing will be channeled into Lerta's research and development initiatives, as well as the necessary capacity market collateral CAPEX, which includes the enhancement of the VPP software and hardware platform. This strategic investment will empower Lerta to actively participate in upcoming capacity market auctions and energy system services, as outlined by the EBRD.
Photon Energy initially established its presence in Romania back in 2015, primarily offering operations and maintenance services. In 2019, the company expanded its operations to include project development. With its headquarters in Bucharest, Photon Energy has assembled a robust project development pipeline that boasts a capacity of more than 240 MWp in the country.
This prospective loan from the EBRD demonstrates a clear commitment to advancing the growth of renewable energy in Romania and supporting innovative virtual power plant services, underscoring the importance of clean energy solutions in the region.