Amsterdam-based solar power producer Photon Energy NV (WSE:PEN) has secured EUR 21.9 million (USD 23.3m) for its portfolio of photovoltaic (PV) projects in Romania which comprises eight plants with a total installed capacity of 31.5 MWp.
The company has closed a non-recourse project refinancing agreement with Austrian Raiffeisen Bank International (RBI) that has a five-year period, a press release said on Monday.
Photon started the construction of the eight power plants in 2022. The sites are located in Siria, Aiud, Teius, Calafat, Sahateni and Faget and use bi-facial monocrystalline PV modules mounted on single-axis trackers with a DC/AC overbuild ratio of 1.28 to 1.34.
The facility in Șiria was the first to be commissioned earlier this year and the other assets are set to go online by the end of the second quarter of 2023.
The electricity produced by the Romanian sites will be sold via the country’s electricity and gas market operator OPCOM at market prices.
In addition to the eight power plants, Photon currently has utility-scale solar PV projects with a combined capacity of over 210 MWp at different stages of development in Romania.
The agreement with RBI marks Photon’s first project financing of European PV assets that operate on a merchant basis, selling energy to the market without a power purchase agreement (PPA) or state support, the press release said.
(EUR 1 = USD 1.063)
Choose your newsletter by Renewables Now. Join for free!