Photon Energy N.V.

Capital/Financing Update • Dec 16, 2020

The Management Board of Photon Energy N.V. announces that it has closed its first long-term non-recourse project financing agreement with the Hungarian CIB Bank for five of its proprietary PV power plants in Hungary.

The portfolio to be refinanced is comprised of three individual KÁT-licensed PV power plants with a combined capacity of 2.1 MWp in the location of Nagyecsed and two individual METÁR-KÁT-licensed PV power plants with a combined capacity of 1.4 MWp in Kunszentmárton. The Nagyecsed projects were commissioned in July 2019 and the projects in Kunszentmárton in November 2019.

The financing amounting to HUF 1.0 billion (EUR 2.8 million) is being provided by CIB Bank, a subsidiary of the Italian Intesa Sanpaolo Group and the second-biggest commercial Hungarian bank for a period of 15 years.

In addition to this transaction, Photon Energy is also in the process of finalizing the refinancing of another 10 METÁR-licensed PV power plants with a combined capacity of 14.1 MWp in Püspökladány, Hungary with CIB Bank.

Photon Energy delivered the engineering, procurement and construction services for all above-mentioned power plants through its subsidiary Photon Energy Solutions HU Kft. The Group’s subsidiary Photon Energy Operations HU Kft is providing long-term monitoring as well as operations and maintenance services to the power plants.