Photon Energy Group Secures EUR 15 Million Multi-Tranche Project Financing from EBRD

• The agreement was signed with Europen Bank for Reconstruction and Development to finance six solar PV power plants with a combined capacity of 29 MWp and the capacity market auctions and the research and development CapEx of Lerta S.A.
• The senior secured loan agreement amounts to up to EUR 15 million for a period of 7 years.
• Photon Energy currently has additional utility-scale solar PV projects with a combined capacity of over 210 MWp at different stages of development in Romania.    

Amsterdam – 14 May 2024 – Photon Energy N.V. (WSE: PEN, ‘Photon Energy Group’, the 'Company') announces that it has signed a senior secured loan agreement in the amount of up to EUR 15 million with European Bank for Reconstruction and Development (“EBRD”).

The signing of the agreement represents the Group’s second project financing of European PV assets that operate on a merchant basis, selling energy to the market without a power purchase agreement or state support.

The EBRD’s investment will finance the construction and completion of Photon Energy’s portfolio of six solar parks with a capacity of 29 MWp in Romania. As part of the project EBRD will also support the Company in expansion of demand response services, capacity market auctions and the research and development CapEx of Lerta S.A.

The EBRD’s loan is enabled by a guarantee from the European Union (EU) under its InvestEU Programme.

Photon Energy is currently developing utility-scale solar PV projects with a combined capacity of over 1.2 GWp in Australia and its key CEE markets, including over 210 MWp in Romania.

‘The signing of this financing agreement confirms that our integrated business model based on the ability to develop, engineer, construct, finance and operate PV installations, as well as monetise the generated electricity, has been successfully deployed in the Romanian market. Our decision to commit to the construction of additional PV power plants with a total capacity of 29 MWp and sell electricity into the market represents very strong confidence in the Romanian energy sector, as does the project financing for our projects provided by EBRD,’ commented Georg Hotar, CEO of Photon Energy Group.

About Photon Energy Group – photonenergy.com

Photon Energy Group is a group of companies providing renewable energy, clean water and environmental remediation solutions worldwide. Photon Energy and Lerta provide comprehensive renewable energy solutions, including solar power and energy flexibility. Since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 160 MWp and has power plants with a combined capacity of 131.1 MWp in its proprietary portfolio.It is currently developing projects with a combined capacity of 1.2 GWp in Australia, Hungary, Poland and Romania and providesoperations and maintenanceservices for over 700 MWp worldwide. Photon Energy’s Virtual Power Plant aggregates renewable energy generators and consumers with a total capacity of over 420 MW. Photon Energy and Lerta hold electricity trading licenses in Poland, the Czech Republic, Slovakia, Hungary, Romania and Serbia. Lerta is the third largest provider of DSR services to the Polish TSO,with a contracted capacity of 389 MWfor 2024. Through Photon Water, the Group offers water treatment and management solutions, and its remediation technology removes PFAS and other contaminants from water and soil. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges as well as Xetra, Germany’s leading online trading platform.Photon Energy Groupis headquartered in Amsterdam, with offices in Australia and across Europe.

About EBRD – ebrd.com

The EBRD (the ‘Bank’) is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the European Investment Band. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. The EBRD is a leading institutional investor in Romania. To date, the Bank has invested more than €11 billion in 524 projects in the country.

Media Contact

Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com

Investor Relations Contact

Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464
E-mail: joanna.rzesiewska@photonenergy.com