Dutch Photon Energy Group to use EBRD loan for PV projects in Romania

Photon Energy Group, a company in the renewable energy sector registered in the Netherlands, intends to borrow up to EUR 15 million from the European Bank for Reconstruction and Development (EBRD) to complete photovoltaic projects with a total capacity of 30 MW in Romania. 

Photon Energy is a regional producer of renewable energy with an operational portfolio of 123.4 MW in small and medium-sized photovoltaic plants in Romania, the Czech Republic, Slovakia, Hungary, and Australia. It is also one of the largest service providers in the energy market in Poland through its subsidiary, Lerta, offering market access services, green energy contracts, as well as demand response and energy management services.

EBRD is considering granting the loan as part of the EBRD InvestEU initiative for sustainable transition. The credit will be used to finalize the construction of a portfolio of 6 photovoltaic projects in Romania (an average of 5 MW per project, totaling 30 MW), as well as to support the expansion of its subsidiary, Lerta, the operator of a virtual power plant (VPP). 

“The Bank's proceeds will be used to finance the completion of the Company's solar projects in Romania and will allow the Company to proceed with projects currently in a less advanced development phase across Romania and Poland. EBRD financing will also enable Photon's subsidiary Lerta to participate in the incoming capacity market and energy system services auctions, thus expanding the product offer towards over 1GW of capacity currently supported by Lerta's VPP software,” according to the EBRD.

Founded in 2008 by entrepreneurs Georg Hotar and Michael Gartner, Photon Energy entered the Romanian market in 2015, signing maintenance contracts for three solar power plants in the northwest of the country with a total capacity of 11 MW.

In 2022, the company began constructing a portfolio of eight photovoltaic plants with a total installed capacity of 31.5 MW in Romania, with the first plant in Șiria becoming operational in February of this year. A month later, Photon Energy concluded a refinancing agreement worth EUR 21.9 million with the Austrian bank Raiffeisen Bank International (RBI) for its projects in Romania. 

The company is based in Amsterdam and is listed on the stock exchanges in Warsaw, Prague, and Frankfurt, with the two founders holding a combined ownership of approximately 71%. Photon Energy has a market capitalization of approximately EUR 123 million.

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(Photo source: Photon Energy)