Photon gets high acceptance of EUR-50m green bond offer

Amsterdam-based solar power services and clean water solutions provider Photon Energy NV (WSE:PEN) today said that almost half of the targeted amount of its up to EUR-50-million (USD 57.3m) green bond has been subscribed.

The company’s existing investors have subscribed for a total of EUR 21.2 million by accepting an offer to exchange the currently outstanding 7.75% bond 2017/22 for the newly-launched green bond.

“The high acceptance rate has not only created an essential cornerstone for the refinancing of the outstanding 7.75% 2017/22 bond, but also for the financing of the further expansion of our PV power plant portfolio,” said CFO Clemens Wohlmuth.

The offer period for the 6.5% green EUR Bond 2021/27 expires on November 17. With maturity in 2027, the bond will be listed on the open market on the Frankfurt Stock Exchange and is due to start trading after November 23.

Photon Energy will use the raised funds to finance and refinance the development and construction of solar projects. The Dutch firm has brought online over 110 MWp of capacity and is currently working on over 890 MWp of projects in Australia, Hungary, Poland and Romania.

(EUR 1.0 = USD 1.145)

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