Photon Energy secures EUR 22m for Romanian PV projects

• Amsterdam-based solar energy manufacturer Photon Energy NV (WSE: PEN) has actually secured EUR 21.9 million (USD 23.3 m) for its portfolio of photovoltaic or pv (PV) projects in Romania which consists of eight plants with a total mounted capacity of 31.5 MWp.

The business has actually closed a non-recourse project refinancing agreement with Austrian Raiffeisen Bank International (RBI) that has a five-year duration, a press release said on Monday.

Photon started the building and construction of the 8 power plants in 2022. The sites lie in Siria, Aiud, Teius, Calafat, Sahateni and Faget and use bi-facial monocrystalline PV modules placed on single-axis trackers with a DC/AC overbuild ratio of 1.28 to 1.34.

The center in Șiria was the first to be commissioned earlier this year as well as the other assets are set to go on the internet by the end of the second quarter of 2023.

The power produced by the Romanian sites will certainly be marketed through the country's electrical energy and gas market operator OPCOM at market value.

Along with the 8 power plants, Photon presently has utility-scale solar PV projects with an integrated capacity of over 210 MWp at various phases of growth in Romania.

The agreement with RBI marks Photon's very first project funding of European PV assets that operate a vendor basis, selling energy to the market without a power acquisition agreement (PPA) or state support, journalism launch stated.