The portfolio to be refinanced is comprised of three KÁT-licensed PV power plants with a combined capacity of 2.1 MWp in the location of Nagyecsed and two METÁR-KÁT-licensed PV power plants with a combined capacity of 1.4 MWp in Kunszentmárton. The Nagyecsed projects were commissioned in July 2019 and the projects in Kunszentmárton in November 2019.
The financing, which totals HUF 1 billion (EUR 2.8 million), is being provided for a period of 15 years by CIB Bank, a subsidiary of the Italian Intesa Sanpaolo Group and the second-largest commercial Hungarian bank.
In addition to this transaction, Photon Energy is also in the process of finalising the refinancing of another 10 METÁR-licensed PV power plants with a combined capacity of 14.1 MWp in Püspökladány, Hungary with CIB Bank.
‘Partnering with CIB Bank in Hungary as our second international financing partner is proof of concept for the expansion of our proprietary portfolio in the country and a major step in our strategy for further growth in the Hungarian market. We are looking forward to intensifying our cooperation with CIB on the upcoming refinancing of our ten recently connected PV plants with a combined capacity of 14.1 MWp in Püspökladány,’ said Clemens Wohlmuth, CFO of Photon Energy Group.
Photon Energy delivered the engineering, procurement and construction services for all of the above-mentioned power plants through its subsidiary Photon Energy Solutions HU Kft. The Group’s subsidiary Photon Energy Operations HU Kft. is providing long-term monitoring as well as operations and maintenance services to the power plants.