Hungary: Photon Energy refinancing of solar power projects

, SEE Energy News

The statement from the Dutch-based Photon Energy company said that it has signed an agreement with commercial bank CIB Bank, the Hungarian subsidiary of Italian Intesa Sanpaolo, to obtain some 2.8 million euros for a period of 15 years. The company said that it has secured a long-term project financing to refinance the 3.5 MW solar power plants in Hungary.

Using these funds, Photon Energy will refinance three solar power plants with a combined installed capacity of 2.1 MW operating under the KAT license and two plants totaling 1.4 MWp supported by the METAR-KAT mechanism. The KAT plants, located in the town of Nagyecsed, were commissioned in July 2019. The two METAR-KAT-licensed plants were commissioned in Kunszentmarton in November 2019.

CIB Bank will also refinance Photon’s The company is also in talks with CIB Bank regarding the refinancing of ten METAR-licensed solar power plants totaling 14.1 MW located in Puspokladany. The first two solar power plants within the project were commissioned in early October, with additional six put into operation in early November, while the last two were put into operation in mid-November. With the latest additions, Photon Energy’s solar portfolio in Hungary has risen to 49.1 MW.