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Photon Energy announces that it has concluded a non-recourse project refinancing agreement in the amount of 21.9 million euros with the Austrian-based Raiffeisen Bank International (RBI) for its portfolio of photovoltaic plants in Romania, with a total installed capacity of 31.5 MWp (MegaWatt peak), according to a press release.
The signing of the agreement represents the Group's first project financing for European photovoltaic assets operating on a commercial basis, selling energy on the market without a power purchase agreement or government support. To date, only the company's two utility-scale commercial power plants in Leeton, Australia, which have a combined installed capacity of 14.6 MWp, have obtained non-recourse project financing.
In 2022, the company started the construction of eight photovoltaic plants in Romania with a total installed capacity of 31.5 MWp for its own portfolio, financed from the proceeds of its 6.50% euro green bonds. The eight plants are located in Siria (5.7 MWp), Aiud (4.7 MWp), Teius (4.7 MWp), Calafat (6.1 MWp), Sahateni (7.1 MWp) and Faget (3, 2 MWp). On February 23, 2023, the first plant, located in Siria, was put into operation, thus becoming the first utility-scale photovoltaic plant in Romania put into operation since 2014. The other power plants are planned to be put into operation by the end of the second quarter of 2023.
Photon Energy is currently developing utility-scale photovoltaic projects in Romania with a combined capacity of over 210 MWp.
All eight power plants in Romania use bi-facial monocrystalline photovoltaic modules mounted on single-axis tracking systems, with a DC/AC overlap ratio of 1.28-1.34. All the electricity produced by the power plants will be sold through OPCOM, the operator of the Romanian electricity and natural gas market, at market prices.AGERPRES
