Photon closes €13m refinancing for Hungarian solar projects


Dutch solar developer Photon Energy has borrowed HUF4.6 billion (€12.9 million) from Italian-owned lender CIB Bank to refinance a ten-project PV portfolio with a total generation capacity of 14.1 MWp.

Budapest-based bank CIB, which is owned by Intesa Sanpaolo, made the 15-year loan for the PV projects, which were all commissioned in October or November in the Püspökladány municipality, and which are licensed under Hungary's Megújuló Támogatási Rendszer (METÁR) renewables incentives scheme.

Photon chief financial offer Clemens Wohlmuth, quoted in a press release published to announce the deal last week, stated the refinancing would “free up substantial liquidity that will allow us to continue our plans for ongoing growth as we further expand our portfolio.”

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The deal follows a HUF1 billion, 15-year loan from CIB Bank in December to refinance five other Hungarian plants developed by Photon, with a combined generation capacity of 3.5 MWp.

The Netherlands-based company claims to be developing more than 793 MW of solar generation capacity in Australia, Hungary, Poland and Romania.

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