December 10 (Renewables Now) - Amsterdam-based Photon Energy NV (WSE:PEN) has closed a long-term non-recourse project financing agreement for 20.1 MWp of solar assets in Hungary, it said today.
The HUF-5.93-billion (USD 19.8m/EUR 17.9m) financing package will go for a portfolio of 29 solar photovoltaic (PV) parks, most of which are already operational. The debt has a term of 15 years and is being provided by K&H Bank, the local unit of Belgian lender KBC Group NV.
All projects in the particular portfolio hold off-take (KAT) licences. Eight PV parks, with a combined capacity of 5.6 MWp located in the town of Monor, have been generating power since October 2019. Five power plants in Fertod, totalling 3.5 MWp, and 1.4 MWp of plants in Kunszentmarton were commissioned last month, while three installations of 2.1 MWp in total will go live in December. Photon Energy also expects to bring online 2.1 MWp of solar plants in Malyi and 5.4 MWp in the town of Tata in the first quarter of 2020.
The refinancing deal is in line with Photon Energy’s strategy to have at least 75 MWp of solar assets in its Hungarian portfolio by end-2021. “This step allows us to free up significant liquidity and to build further projects in Hungary next year,” said chief financial officer Clemens Wohlmuth.
In January, the Dutch firm secured HUF 3.33 billion in debt to refinance 11.5 MWp of its Hungarian solar assets.
(HUF 100 = USD 0.334/EUR 0.301)