Photon Energy taps green bond by up to EUR 25m to fund solar, storage projects

Source: Photon Energy Group

September 2 (Renewables Now) - Amsterdam-based solar and water solutions company Photon Energy NV (WSE:PEN) will again tap its green bond due in 2027 by up to EUR 25 million (USD 25.01m) to finance solar and energy storage projects.

The tap issuance of the 2021/2027 green bond will be offered to bondholders of existing bonds in the period from September 7 to October 7, Photon Energy said on Friday. The note has an interest rate of 6.5% p.a.

Frankfurt-based Bankhaus Scheich Wertpapierspezialist AG is acting as the sole global coordinator and bookrunner for the private placement of the tap issuance.

In May, Photon Energy already increased its existing green bond due in 2027 by EUR 10 million to a total of up to EUR 65 million.

The proceeds from the latest transaction will provide financial leeway to the company to advance the development and construction of photovoltaic power plants in Romania, Hungary, and Poland, which are its core Central European growth markets, said CFO Clemens Wohlmuth.

Photon Energy is developing utility-scale solar projects with a combined capacity of over 825 MWp in its key Central European markets and Australia. Its first six power plants in Romania with a combined capacity of 21.3 MWp are currently under construction, with another 11 MWp to be added by the end of this year.

(EUR 1 = USD 1.000)

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