Photon Energy borrows 22 mln euro to fund solar projects in Romania

The company secured the funds from RBI for a period of five years and on a non-recourse basis, meaning the amount shall be paid back only from the profits which will result from the company's projects, the company said in a press release.

Last year, Photon Energy started building eight solar power plants in Romania, with a total combined capacity of 31.5 MWp. Last month, Photon commissioned the first of these eight plants which is located located in Siria, in the western county of Arad. The remaining seven plants are to be put into operation by the end of June, the company said.

All electricity produced by the power plants will be sold via OPCOM, the Romanian electricity and gas market operator, at market prices.

Currently, the company is developing PV projects in Romania with a total capacity of 210 MWp. Including the Romanian projects, the company has a combined capacity of more than 930 MWp under development in its key CEE markets and Australia.

Photon Energy N.V., the holding company for Photon Energy Group, is listed on the stock exchanges in Warsaw, Prague and Frankfurt. The company is headquartered in Amsterdam, with offices across Europe and in Australia.

($=0.938182 euro)