Photon Energy (WSE: PEN, the 'Group') announced todaythat it has closed a long-term non-recourse project financingagreement for its 11.5 MWp proprietary PV power plant portfolio inHungary.
The portfolio is comprised of 17 individual KÁT-licensed PVpower plants in three different locations.
The 0.5 MWp project in Fertőd was grid-connected in March 2018,eight projects in Tiszakécske with a combined capacity of 5.5 MWpin December 2018, and additional eight projects in Almásfüzitő witha total capacity of 5.5 MWp are expected to be connected by the endof January 2019.
Financing amounting to 3.33 billion HUF (10.4 million EUR)isbeing provided by K&H Bank, the Hungarian subsidiary of BelgianKBC Group N.V. and one of Hungary’s largest banking and financialservices firms as well as a leading local player in projectfinance, for a period of 15 years.
“We have built and pre-financed the power plants with theproceeds of our last year‘s EUR bond placement. The refinancingwith K&H Bank is a major step in our strategy for the Hungarianmarket to build at least 50 MWp of PV power plants for ourportfolio until the end of 2020. This step allows us to free upsignificant liquidity again and to build further projects inHungary this year. Through this transaction we have added KBC, aleading banking group in the CEE region, to our project financingpartners for our growing proprietary portfolio,” said ClemensWohlmuth, CFO of Photon Energy.
Photon Energy delivered the engineering, procurement andconstruction services for all power plants through its subsidiaryPhoton Energy Solutions HU Kft. The Group’s subsidiary PhotonEnergy Operations HU Kft will provide long-term monitoring as wellas operations and maintenance services to the power plants.
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MEDIA CONTACT
Martin Kysly
T +420 774 810 670
E martin.kysly@photonenergy.com
