PHOTON ENERGY PRESS RELEASE - FOR IMMEDIATE RELEASE
Photon Energy Secures Long-Term Financing for Additional 20.1 MWp in Hungary
- The financing has been completed with K&H Bank for 29 individual KÁT-licensed power plants with a combined capacity of 20.1 MWp in six different locations
- The long-term, non-recourse project financing agreement of up to 5.93 billion HUF (17.9 million EUR) has been signed for a period of 15 years
Amsterdam - 10 December 2019 - Photon Energy (WSE: PEN, the 'Group') announced today that it has closed another long-term non-recourse project financing agreement for an additional 20.1 MWp of its proprietary PV power plant portfolio in Hungary.
The portfolio is comprised of 29 individual KÁT-licensed PV power plants in the locations of Monor, Fertőd, Kunszentmárton, Taszár, Mályi, and Tata.
The eight projects (5.6 MWp) in Monor were commissioned in October 2019, the five projects (3.5 MWp) in Fertőd and the two projects (1.4 MWp) in Kunszentmárton in November 2019, and the three projects (2.1 MWp) in Taszár in early December 2019.
An additional three projects in Mályi with a total capacity of 2.1 MWp and eight projects in Tata with a combined capacity of 5.4 MWp are expected to be commissioned in Q1 2020.
Financing amounting to 5.93 billion HUF (17.9 million EUR) is being provided by K&H Bank, the Hungarian subsidiary of Belgian KBC Group N.V. and one of Hungary's largest banking and financial services firms as well as a leading local player in project finance, for a period of 15 years.
"Environmental protection is a key part of K&H's sustainability strategy, as in addition to being a financial intermediary, we are also responsible for the natural environment in which our customers, partners and employees operate. This is how K&H Bank intends to play and will continue to play an active role in the financing of photovoltaic investments," emphasized Mihály Országh, Head of Specialized Financial Services Directorate of K&H Bank.
"After successful refinancing of our first group of 17 PV plants earlier this year, this transaction marks another milestone in our expansion strategy in Hungary. We have built and are pre-financing the power plants with the proceeds of our EUR bond placement. Refinancing the second grid-connected group of 29 PV plants with K&H Bank is a major step forward in our strategy for the Hungarian market to build at least 75 MWp of PV power plants for our portfolio by the end of 2021. This step allows us to free up significant liquidity and to build further projects in Hungary next year," said Clemens Wohlmuth, CFO of Photon Energy.
Photon Energy delivered the engineering, procurement and construction services for all power plants through its subsidiary Photon Energy Solutions HU Kft. The Group's subsidiary Photon Energy Operations HU Kft will provide long-term monitoring as well as operations and maintenance services to the power plants.
ABOUT PHOTON ENERGY
Photon Energy N.V. is a global solar energy solutions and services company covering the entire lifecycle of solar energy systems. Since its foundation in 2008, Photon Energy has built and commissioned over 75 MWp of solar power plants across two continents and 51.8 MWp as part of our own portfolio. Current project development includes a project pipeline of 884 MWp in Australia (ouf of which 580 MWp in partnership with Canadian Solar) and 23.2 MWp in Hungary, with a target of 75 MWp by 2021. The O&M division provides operations and maintenance services for over 260 MWp worldwide. Additionally, the subsidiary Photon Water Technology (PWT) focuses on developing and providing water purification, remediation and treatment systems for worldwide deployment. Photon Energy is headquartered in Amsterdam and has offices in Europe and Australia. For more information, please visit www.photonenergy.com.
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