Photon Energy NV, with backing from the EU, has secured a €15 million loan from the EBRD to build and operate solar parks in Romania. This project will also expand the company’s renewable energy portfolio and enhance its energy management services in Poland.
Impact of the Loan
Photon Energy NV has finalized a senior secured loan agreement with the European Bank for Reconstruction and Development (EBRD) for up to €15 million. The loan is set to support the Romanian and Polish operations of Photon, a regional producer of renewable energy.
Photon Energy reports that the Group provides global renewable energy, water treatment, and environmental solutions. Since 2008, it has developed 160 MWp of solar plants and currently manages projects totaling 1.2 GWp across Australia, Hungary, Poland, and Romania. Its subsidiary, Lerta, is a major player in Poland’s demand-side response services.
This agreement marks the Group’s second project financing for European photovoltaic solar energy assets operating on a free-market basis, without a Power Purchase Agreement (PPA) or state support. The loan amounts to €15 million.
Six Solar Parks to be Completed in Romania
As part of the project, the EBRD will also back Lerta—Photon’s energy management services subsidiary in Poland—with research and development investments to enhance its technological expertise and broaden its service offerings. This support will position Lerta favourably for upcoming capacity market and demand-side response auctions in Poland.
The €15 million from the EBRD will enable Photon Energy NV to complete six solar parks in Romania with a total capacity of 29 MW. This investment supports Photon’s expansion of renewable assets in EBRD regions and includes R&D backing for its energy management subsidiary in Poland, Lerta. The European Union’s InvestEU Programme is providing a guarantee for the loan.
The European Bank for Reconstruction and Development (EBRD) invests in private sector development across 36 economies and has invested over €11 billion in Romania. As a key investor, it promotes competitiveness, inclusivity, and sustainability.
Photon Energy is currently developing large-scale photovoltaic solar projects with a total capacity of over 1.2 GWp in Australia and key markets across Central and Eastern Europe, including more than 210 MWp in Romania.
Maximising Solar Investment Potential in Romania
Georg Hotar, CEO of Photon Energy Group, remarked that the financing agreement validates their integrated business model in Romania. He added that their ability to develop, engineer, construct, finance, and operate PV installations, while monetizing the electricity generated, has proven successful.
“Alongside this project funding from the EBRD, our decision to build more PV power plants with a total capacity of 29 MWp and sell the electricity on the market indicates extremely significant trust in the Romanian energy sector,” Hotar added.
Grzegorz Zieliński, EBRD Director and Head of Energy Europe, highlighted that this is the bank’s first renewable energy project in Romania to operate on a fully merchant basis. This approach, he noted, demonstrates a market-driven path for advancing the country’s renewable energy sector. Zieliński expressed confidence that such financing will help foster a more competitive renewable energy and electricity market.
“This is a market-based alternative for the growth of the nation’s renewable energy sector and is the EBRD’s first wholly commercial renewable energy project in Romania,” Zieliński remarked.
The partnership between Photon Energy Group and the EBRD, underscored by the €15 million loan, highlights the bank’s commitment to advancing renewable energy in Romania. This funding will enable Photon Energy to complete six solar PV plants, furthering the country’s renewable energy objectives.
