EBRD financing 29 MW solar project in Romania

The completion of the project, which comprises six solar parks, will enable Photon to advance the development of other renewable assets in the EBRD regions, the European lender said in a press release on Tuesday.

“This is the EBRD’s first renewable energy project in Romania to be structured on a fully merchant basis and demonstrates a market-based alternative for the development of the country’s renewable energy sector. We are confident that such financing will pave the way for a more competitive renewable energy and electricity market,” said Grzegorz Zieliński, EBRD director and head of Energy Europe.

The loan will also support Lerta, Photon’s energy management services subsidiary in Poland, to invest in research and development and to broaden its service offer.

The loan is covered against first-loss risk by the European Union under its InvestEU programme.

Last week, the EBRD said it was lending more than 46 million euro for the construction of a 102 MW onshore wind farm in Romania.

Photon Energy has an operating portfolio of 133 MW in small to mid-sized solar photovoltaics power plants across Romania, Czechia, Slovakia, Hungary, and Australia. It is also one of the largest providers of demand-side response services in Poland, through its Lerta subsidiary.

($=0.9266 euro)