Photon Energy (WSE: PEN, the 'Group') announced todaythat it has closed another long-term non-recourse project financingagreement for an additional 20.1 MWp of its proprietary PV powerplant portfolio in Hungary.
The portfolio is comprised of 29 individual KÁT-licensed PVpower plants in the locations of Monor, Fertőd, Kunszentmárton,Taszár, Mályi, and Tata.
The eight projects (5.6 MWp) in Monor were commissioned inOctober 2019, the five projects (3.5 MWp) in Fertőd and the twoprojects (1.4 MWp) in Kunszentmárton in November 2019, and thethree projects (2.1 MWp) in Taszár in early December 2019.
An additional three projects in Mályi with a total capacity of2.1 MWp and eight projects in Tata with a combined capacity of 5.4MWp are expected to be commissioned in Q1 2020.
Financing amounting to 5.93 billion HUF (17.9 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.
“Environmental protection is a key part of K&H’ssustainability strategy, as in addition to being a financialintermediary, we are also responsible for the natural environmentin which our customers, partners and employees operate. This is howK&H Bank intends to play and will continue to play an activerole in the financing of photovoltaic investments,” emphasizedMihály Országh, Head of Specialized Financial Services Directorateof K&H Bank.
“After successful refinancing of our first group of 17 PV plantsearlier this year, this transaction marks another milestone in ourexpansion strategy in Hungary. We have built and are pre-financingthe power plants with the proceeds of our EUR bond placement.Refinancing the second grid-connected group of 29 PV plants withK&H Bank is a major step forward in our strategy for theHungarian market to build at least 75 MWp of PV power plants forour portfolio by the end of 2021. This step allows us to free upsignificant liquidity and to build further projects in Hungary nextyear,” said Clemens Wohlmuth, 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.
Martin Kysly
T +420 774 810 670
E martin.kysly@photonenergy.com