In order to refinance a 14 MW portfolio of solar power plants in Hungary, Dutch-based Photon Energy said that it has obtained long-term non-recourse project financing. The statement from the company said that it has reached an agreement with commercial lender CIB Bank, the Hungarian subsidiary of Italy’s Intesa Sanpaolo to obtain 12.9 million euros. The debt will be extended over a period of 15 years.
The funds will refinance 10 solar power parks operating under the METAR license in Puspokladany in northeastern Hungary. These were put into operation between October and November last year.
Last month, Photon Energy secured another deal with CIB Bank to refinance 3.5 MW in solar power plants, a portfolio consisting of three solar power plants with a combined installed capacity of 2.1 MW operating under the KAT license and two plants totaling 1.4 MW supported by the METAR-KAT mechanism. The KAT plants, located in the town of Nagyecsed, were commissioned in July 2019. The two METAR-KAT-licensed plants were commissioned in Kunszentmarton in November 2019.
The company’s CFO Clemens Wohlmuth said that all Hungarian project have now been refinanced long-term on a non-recourse project level basis, which will free up substantial liquidity that will allow the company to continue its plans for ongoing growth as it further expands its portfolio.
