Global solar power solutions and services company, Photon Energy, announced that it has closed a long-term non-recourse project financing agreement for its 11.5 MWp proprietary PV power plant portfolio in Hungary, according to a press release sent to the Budapest Business Journal.
The portfolio is comprised of 17 individual KÁT-licensed PV power plants in three different locations. Financing amounting to HUF 3.33 billion is being provided by K&H Bank, the Hungarian subsidiary of Belgian KBC Group N.V. and one of Hungary’s largest banking and financial services firms, as well as a leading local player in project finance, for a period of 15 years.
The 0.5 MWp project in Fertőd (189 km west of Budapest) was grid-connected in March 2018. Eight projects in Tiszakécske (121 km southeast of Budapest), with a combined capacity of 5.5 MWp, were connected in December 2018, and an additional eight projects in Almásfüzitő (82 km northwest of Budapest), with a total capacity of 5.5 MWp, are expected to be connected by the end of January 2019.
The group delivered the engineering, procurement and construction services for all power plants through its subsidiary Photon Energy Solutions HU Kft. The group’s subsidiary will provide long-term monitoring as well as operations and maintenance services to the power plants. Photon Energy covers the entire lifecycle of solar power systems.
Since its foundation in 2008, the company has built and commissioned more than 60 MWp of solar power plants across two continents and supplied the technology for many more projects. The company is headquartered in Amsterdam and has offices in Europe and Australia.