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EBRD facilitates renewable energy investment in Central and Eastern Europe

€10 million investment in green bond issued by Czech-based Photon Energy
NE/KOSTIS GEROPOULOS
View of Prague, Czech Republic, July 11, 2021.

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The European Bank for Reconstruction and Development (EBRD) is supporting the transition of Photon Energy NV (Photon Energy), a renewable energy developer and independent power producer with Czech origins, with an investment of €10 million in the company’s €55 million green bond issuance, the bank said on December 1.

According to the EBRD, Photon Energy is a fast-growing developer whose portfolio has tripled from 32 MW to 89 MW over the last three years. Its portfolio spans the Czech Republic, Slovakia, Hungary and Australia.

The EBRD’s proceeds will be used for the company’s development, construction and operations of greenfield solar photovoltaic power plant projects in Central and Eastern Europe.

The company’s near-term strategic objective is to increase its portfolio in Hungary and expand development activities in Romania and Poland. The Bank’s investment will support Photon Energy’s transition from a local company to a competitive regional player.

The green bond is listed on the Open Market of the Frankfurt Stock Exchange.  It was the company’s first green bond issuance, following a series of regular bond issuances. The company’s green bond framework has been verified by the German ESG rating provider IMUG rating GmbH, who confirmed in a second party opinion the bond’s use of proceeds and the full compliance with Green Bond Principles.

The EBRD’s participation in the company’s green bond has contributed to the success of the issuance, mobilising other investors and facilitating an increase of the issuance size.

“We are very pleased to support this promising company in their ambitious plan to become a truly regional renewable energy player in Central Europe,” Energy Europe Director Grzegorz Zielinski said.

Photon Energy CEO Georg Hotar hailed the EBRD as a major investor in his company’s new Green Bond 2021/2027 that will enable us to significantly grow our portfolio in Central Europe.”

The project is the EBRD’s first investment since it re-engaged in the Czech Republic in March 2021, with a focus on helping the economy recover from the Covid-19 disturbances and fostering the country’s green transition.

In the Czech Republic, the EBRD’s focus is on supporting private sector companies whose growth is constrained by the limited access to finance.

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Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

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