January 18 (Renewables Now) - Amsterdam-based Photon Energy NV (WSE:PEN) closed on Thursday a long-term non-recourse project financing agreement for 11.5 MWp of photovoltaic (PV) assets in Hungary.
The package amounts to HUF 3.33 billion (USD 11.8m/EUR 10.4m) and is for a period of 15 years. It is being provided by K&H Bank, the local arm of Belgium's KBC Group NV.
The financing is for a total of 17 individual KAT-licensed PV power plants, nine of which are already operational, located in the towns of Fertod and Tiszakacske.
The connected farms consist of a 500-kWp park, up and running since March 2018, and eight plants with a combined capacity of 5.5 MWp, operational since December 2018. The remaining eight, located in Almasfuzito, also have a combined capacity of 5.5 MWp and are expected to be grid-connected by the end of the month.
"The refinancing with K&H Bank is a major step in our strategy for the Hungarian market to build at least 50 MWp of PV power plants for our portfolio until the end of 2020," said Clemens Wohlmuth, CFO of Photon Energy.
Photon Energy's subsidiary Photon Energy Solutions HU Kft was in charge of the engineering, procurement and construction (EPC) works for all the plants. The firm will also provide long-term monitoring and operations and maintenance (O&M) services, it noted.
(HUF 100 = USD 0.36/EUR 0.31)