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Hungary, Photon Energy will launch its first green bond issue in the amount of 50 million euros

28.Oct 2021.

Dutch-based renewable energy developer Photon Energy said that it will launch its first green bond issue in the amount of 50 million euros.

The statement from the company said that the proceeds of the issue will be used to accelerate the development and construction of solar power plants in Hungary, Romania and Poland, the company’s core central European markets. The bonds will have a 6.5 % interest rate and six-year maturity.

In June, Photon Energy said that it intends to increase its portfolio of installed solar generation capacity to at least 600 MW and build a 1 GW portfolio of operations and maintenance (O&M) assets by 2024. Currently, the company has 74.7 MW of solar power plants in operation, of which 49.1 MW in Hungary.

In late 2020, Photon Energy commissioned two solar power plants in Puspokladany with combined installed capacity of 2.8 MW, with estimated annual electricity production of 4.1 GWh. These power plants are a part of a larger project which envisages the commissioning of ten solar power plants located in Puspokladany in eastern part of Hungary. The first two solar power plants with installed capacity of 2.8 MW were commissioned in early October, with additional six put into operation in early November.