Renewables developer Photon Energy NV, headquartered in Amsterdam, has secured a EUR 15 million (USD 16.2 million) debt financing package to support its expansion in Romania and facilitate the construction of 29 MWp of solar projects in the Balkan nation.
The European Bank for Reconstruction and Development (EBRD) will provide the senior secured loan, Photon Energy announced on Tuesday. This multi-tranche debt, with a seven-year term, has been made possible through a guarantee from the European Union (EU) under its InvestEU Programme.
The newly acquired funds will be utilized to finance the development of six photovoltaic (PV) parks in Romania. Photon Energy already has an additional 210 MWp of utility-scale projects in various stages of development in the country.
Part of the debt financing will also be allocated to support Photon Energy's expansion of demand response services and participation in capacity market auctions. Additionally, funds will be directed towards research and development (R&D) expenditures for its virtual power plant (VPP) services unit, Lerta SA.
Georg Hotar, CEO of Photon Energy Group, commented on the financing agreement, stating, “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 monetize the generated electricity, has been successfully deployed in the Romanian market.”
