EBRD greenlights €15M loan for European renewables producer

Economy Materials 14 May 2024 15:19 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, May 14. The European Bank for Reconstruction and Development (EBRD) has approved a 15 million euro loan to support Photon Energy NV (Photon), a European renewable energy producer, in its endeavors in Romania and Poland, Trend reports.

This investment from the EBRD will facilitate the completion of construction for a portfolio of six solar parks in Romania, boasting a total installed capacity of 29 MW. The move is expected to bolster Photon's capabilities, allowing the company to further its development of renewable assets across regions covered by the EBRD.

In addition to the solar projects in Romania, the EBRD's funding will extend support to Lerta, Photon's subsidiary specializing in energy management services in Poland. Investments will focus on research and development initiatives aimed at enhancing Lerta's technological expertise and expanding its service offerings. This strategic move positions Lerta favorably to participate in the upcoming capacity market and demand-side response auctions in Poland.

Companies like Photon, experiencing rapid growth in the renewable energy sector, play a pivotal role in advancing the EU's energy policies and decarbonization objectives. Furthermore, the development of efficient energy service markets is essential for maximizing the utilization of renewable resources, ensuring grid stability, and maintaining a balanced supply and demand in the electricity network.

The EBRD's loan benefits from first-loss risk coverage provided by the EU through its InvestEU program, offering additional security and support for sustainable energy initiatives in the region.