Photon Energy in line for EBRD loan for solar, VPP biz in Romania

The European Bank for Reconstruction and Development (EBRD) is considering granting a senior secured loan of up to EUR 15 million (USD 16.0m) to Photon Energy NV (WSE:PEN) to support its solar projects and the expansion of its virtual power plant (VPP) services unit Lerta in Romania.

The Amsterdam-based company will use the funds to finalise six solar photovoltaic projects totalling around 20 MW to 30 MW. Each project would have 5 MW on average, the bank said.

Additionally, the EBRD’s financing will be invested in Lerta’s research and development and capacity market collateral CAPEX, including the VPP software and hardware platform. This will enable Lerta to participate in the incoming capacity market and energy system services auctions, the EBRD said.

Photon Energy arrived in Romania in 2015, initially to provide operations and maintenance services, before expanding to project development in 2019. The company, working out of its Bucharest base, has a project development pipeline of more than 240 MWp in the country.

(EUR 1.0 = USD 1.067)

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