Photon Energy ups stake in Polish VPP developer Lerta

Dutch solar power and clean water company Photon Energy NV (WSE:PEN) has lifted its stake in Poland’s Lerta SA to 24% by taking part in a Series A equity financing round of the virtual power plant (VPP) developer.

Amsterdam-based Photon said on Thursday it has invested PLN 8.75 million (USD 2.2m/EUR 1.9m) in the Polish firm to increase its ownership interest from 12%. It was among the three lead investors in the energy-tech startup’s funding initiative.

The PLN 12.75 million raised by Lerta will help the Polish firm develop its VPP business at home and grow its activities in Central and Eastern Europe. Currently its VPP network includes almost 100 sites totalling 60 MW.

“In 2022 we plan to raise more equity and become a public company by debuting on one of the European stock exchanges. Together with our shareholders we are exploring a few options now,” said Lerta’s CEO Borys Tomala.

Photon Energy has been an investor in Lerta for about one year. Since then, the Poznan-based firm has secured electricity trading licenses in Poland, Hungary, Romania and the Czech Republic and expanded its demand side response (DSR) portfolio under management to over 50 MW in Poland.

Since this month, Lerta is providing electricity trading and balancing services to Photon’s 1.35-MWp merchant solar plant in Hungary.

(PLN 1.0 = USD 0.246/EUR 0.218)

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