The European Bank for Reconstruction and Development (EBRD) is lending 15 million euros to Photon Energy, a regional renewable energy producer, to support its activity in Romania and Poland.
The EBRD’s investment will enable Photon to complete the construction of a portfolio of six solar parks in Romania with a total installed capacity of 29 megawatts (MW). This, in turn, will boost Photon’s capacity to advance the development of other renewable assets in the EBRD regions.
As part of the project, the EBRD will also support Lerta, Photon’s energy management services subsidiary in Poland, with investments in research and development to help expand the company’s technological know-how and broaden its service offer. This will enable Lerta to be well-positioned in the incoming capacity market and demand-side response auctions in Poland.
The EBRD loan benefits from first-loss risk cover from the European Union (EU) under its InvestEU programme.
“This is the EBRD’s first renewable energy project in Romania to be structured on a fully merchant basis and demonstrates a market-based alternative for the development of the country’s renewable energy sector,” said Grzegorz Zieliński, EBRD Director, Head of Energy Europe. “We are confident that such financing will pave the way for a more competitive renewable energy and electricity market.”
Photon Energy is a regional renewable energy producer with an operating portfolio of 133 MW in small to mid-sized solar PV power plants across Romania, Czechia, Slovakia, Hungary and Australia. The company, through its subsidiary Lerta, is also one of the largest providers of demand-side response services in Poland.