Photon Energy refinances 14.1 MWp of solar parks in Hungary

Amsterdam-based Photon Energy NV (WSE:PEN) said today it has obtained long-term non-recourse project financing to refinance a 14-MWp portfolio of Hungarian solar parks.

The company has closed an agreement with commercial lender CIB Bank, the Hungarian subsidiary of Italy’s Intesa Sanpaolo SpA (BIT:ISP), to get HUF 4.6 billion (USD 15.7m/EUR 12.9m). The debt will be extended over a period of 15 years.

The funds will refinance 10 photovoltaic (PV) parks operating under the METAR license in the municipality of Puspokladany, northeastern Hungary. They were brought online between October and November last year and are being operated by Photon Energy Operations HU Kft. All of the projects were developed in-house.

The deal is Photon Energy’s second refinancing agreement with CIB Bank over the past few months. In December 2020, it secured HUF 1 billion in long-term non-recourse project debt to refinance 3.5 MWp of solar plants in Hungary.

“Now all our Hungarian projects have been successfully refinanced long-term on a non-recourse project level basis. This will free up substantial liquidity that will allow us to continue our plans for ongoing growth as we further expand our portfolio,” said CFO Clemens Wohlmuth.

(HUF 100 = USD 0.341/EUR 0.280)

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