Photon Energy Group secures €21.9 million for 31.5MWp Romanian projects

Facebook
Twitter
LinkedIn
Reddit
Email
The group’s power plant in Șiria has become Romania’s the first utility-scale PV power plant since 2014. Image: Photon Energy Group

Dutch solar project developer and asset owner Photon Energy Group has closed a €21.9 million (US$23.4 million) non-recourse project refinancing agreement for eight power plants in Romania with a total installed capacity of 31.5MWp.

The five-year agreement, closed with Raiffeisen Bank International in Austria, was the company’s first project financing of European PV assets that operated on a merchant basis, selling energy to a market without a power purchase agreement (PPA) or state support.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Last year, Photon Energy Group began the construction of eight PV power plants that was financed by the proceeds of its 6.50% EU Green Bond. The power plants are located across six cities and counties in Romania, including Șiria (5.7MWp), Aiud (4.7MWp), Teius (4.7MWp), Calafat (6.1MWp), Săhăteni (7.1MWp) and Făget (3.2MWp).

All power plants use bi-facial monocrystalline PV modules mounted on single-axis trackers with a DC/AC overbuild ratio of 1.28 to 1.34. The electricity produced by the power plants will be sold via Romanian electricity and gas market operator OPCOM at market prices.

The group’s subsidiary Photon Energy Engineering will deliver the engineering, procurement and construction services. Another subsidiary Photon Energy Operations will offer long-term monitoring and operations and maintenance services to the power plants, while Lerta Power Poland will provide production forecasting services.

“(The PV power plants) are proof that a private sector market-based solution to the significant investment needs and plans for the energy transition in Romania is viable and available,” said Georg Hotar, CEO of Photon Energy Group.

Currently, Photon Energy Group has two merchant utility-scale power plants in Australia that have obtained non-recourse project financing. The plants have a combined installed capacity of 14.6 MWp.

PV Tech publisher Solar Media will be organising the second edition of Large Scale Solar CEE in Warsaw, Poland during 8-9 November 2023. The event will focus on Eastern Europe with a packed programme of panels, presentations and fireside chats from industry leaders responsible for the build out of solar and storage projects in Poland, Bulgaria, Romania, Greece and Hungary.

Read Next

October 1, 2024
In related Romanian news, Simtel has partnered with Monsson to develop, construct and sell 150MW of solar PV and/or hybrid projects.
Premium
September 10, 2024
Three new Eastern European countries hit 1GW of solar in 2023, but many are struggling to maintain the tempo after the 2022 energy crisis.
August 21, 2024
Consisting of two projects, the Iepuresti (169MW) and Ghimpati (146MW) plants are located in the southeastern region of Muntenia.
August 7, 2024
Romania’s Ministry of Energy has approved the Contracts for Difference (CfD) which seeks to attract 5GW of solar PV and wind capacity by the end of 2025.
July 3, 2024
Interest in co-locating solar PV with energy storage is increasing in Southern Europe, as grid curtailments and negative or near zero prices for solar PV become more frequent.
June 28, 2024
Green hydrogen production could give solar PV deployment a boost in Southern Europe, writes Aurora Energy Research research lead expert of Southeastern Europe Panos Kefalas.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 15, 2024
Santiago, Chile
Solar Media Events
October 22, 2024
New York, USA
Solar Media Events
November 12, 2024
San Diego, USA