Global solar power solutions and services company Photon Energy has closed a 10.4 million euros financing agreement for its 11.5 MWp proprietary PV power plant portfolio in Hungary.
The financing is being provided by K&H Bank for a period of 15 years and will target three different locations: a 0.5 MWp project in Fertőd, eight projects in Tiszakécske with a combined capacity of 5.5 MWp, and an additional eight projects in Almásfüzitő with a total capacity of 5.5 MWp, which are expected to be connected to the grid by the end of January 2019.
“We have built and pre-financed the power plants with the proceeds of last year’s bond placement. The refinancing with K&H Bank is a major step in our strategy for the Hungarian market to build at least 50 MWp of PV power plants for our portfolio until the end of 2020,” said Clemens Wohlmuth, CFO of Photon Energy.
“This step allows us to free up significant liquidity again and to build further projects in Hungary this year. Through this transaction we have added KBC, a leading banking group in the CEE region, to our project financing partners for our growing proprietary portfolio.”
The Hungarian division of Photon Energy will provide long-term monitoring as well as operations and maintenance services to the power plants.
Add Comment