Photon Energy targets EUR 55m in upsized green bond sale

Amsterdam-based solar developer and clean water solutions provider Photon Energy NV (WSE:PEN) has increased the targeted amount of its recently-launched green bond sale to EUR 55 million (USD 62m).

The green bond, in which the European Bank for Reconstruction and Development (EBRD) is a long-term investor, matures in 2027 and bears a 6.50% coupon paid quarterly.

The company’s management board has voted to lift the principal amount of the offering by up to EUR 5 million, Photon Energy said on Wednesday. The move was undertaken due to the high acceptance rate of the exchange offer and strong demand by institutional investors for the new issue.

Under the deal, investors in Photon Energy’s existing 7.75% EUR Bond 2017/2022 were invited to exchange their bonds for the new green notes. As of November 18, these bondholders had subscribed to roughly EUR 21.3 million. The 2021/2027 new bonds to be issued as part of the transaction will be sold to an unnamed “supranational qualified investor” through a private placement, Photon Energy said.

The Dutch firm intends to allocate the raised proceeds to finance or refinance new and/or existing eligible assets.

Photon Energy has built and commissioned over 110 MWp of solar farms since it was founded in 2008. Its proprietary portfolio stands at 89.3 MWp, while work is ongoing at over 890 MWp of projects in Australia, Hungary, Poland and Romania.

(EUR 1.0 = USD 1.133)

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