Tuesday, September 27, 2022

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EBRD boosts renewable energy in Central Europe

The European Bank for Reconstruction and Development (EBRD) is supporting the transition of Photon Energy, a renewable energy developer and independent power producer with Czech origins, with an investment of 10 million euros in the company’s 55 million euros green bond issuance.

Photon Energy is a fast-growing developer whose portfolio has tripled from 32 megawatts (MW) to 89 MW over the last three years, spanning the Czech Republic, Slovakia, Hungary and Australia.

The company’s near-term strategic objective is to increase its portfolio in Hungary and expand development activities in Romania and Poland. The Bank’s investment will support Photon Energy’s transition from a local company to a competitive regional player. The EBRD’s proceeds will be used for the company’s development, construction and operations of greenfield solar photovoltaic power plant projects in Central and Eastern Europe.

“We are very pleased to support this promising company in their ambitious plan to become a truly regional renewable energy player in Central Europe,” said Grzegorz Zielinski, Director of EBRD Energy Europe.

It was the company’s first green bond issuance, following a series of regular bond issuances. The EBRD’s participation in the company’s green bond has contributed to the success of the issuance, mobilising other investors and facilitating an increase of the issuance size.

“We are very proud to have the EBRD as a major investor in our new Green Bond 2021/2027 that will enable us to significantly grow our portfolio in Central Europe,” commented Georg Hotar, CEO of Photon Energy. 

The project is the EBRD’s first investment since it re-engaged in the Czech Republic in March 2021, with a focus on helping the economy recover from the COVID-19 disturbances and fostering the country’s green transition.

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