Various Countries Project Notice - 47683

Project Notice

PNR 47683
Project Name DFF - Photon Green Bond Extension
Project Detail Location: Regional Project number: 53764 Business sector: Energy Notice type: Private Environmental category: B Approval date: 17 May 2022 Status: Signed PSD disclosed: 08 Jun 2022 An investment of EUR 7.5m in the green senior unsecured fixed coupon corporate bond (the Green Bond) issued by Photon Energy NV (the Company). This is a follow-on operation of the Banks investment of EUR 10m in the Companys inaugural EUR 55m green bond (maturing on November 2027) which took place at the end of 2021 (Opid 52971). The Company is to issue additional EUR 15m green bond with the same terms in two tranches; the first EUR 10m in May 2022 and the second EUR 5.0m to be made in 3Q 2022. The Banks investment will be up to 50% of each tranche. Project Objectives The Company has a pipeline of 340+ MW solar projects in the CEE region (including 27 MW in Hungary, 194 MW in Poland and 225 MW in Romania) and Australia. The Banks proceeds will be used to finance the development of solar projects in the Central and Eastern Europe region, with the Hungarian and Romanian pipeline being currently the most advanced. Transition Impact ETI score: 60 Competitive: The operation will support the development by the Company of new RE capacity in Hungary, Poland and Romania. This new capacity will help to increase the share of private generation and facilitate further competition in the countries energy markets. Green: The Project is 100% GET and will contribute to climate mitigation through the addition of new solar capacity. While it is most likely that the first project to materialize after this additional top-up issuance would be a solar portfolio of 37 MW in Romania, a conservative assessment was taken in assessing the CO2 target savings. The Banks proceeds of up to EUR 7.5m are expected to correspond to an increase of 7.5 MW in solar capacity. This 7.5 MW addition will generate 9.86 GWh of electricity annually, contributing to 4.08 thousand tons of CO2 savings per annum.
Funded By European Bank for Reconstruction and Development (EBRD)
Sector Energy & Power
Country Various Countries , Southern Asia
Project Value 13 Million

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