Dentons has advised arranger, original lender, agent, and security agent Raiffeisen Bank International on a EUR 21.9 million term loan facility for the development of a 31.5-megawatt portfolio of eight photovoltaic power plants in Romania to companies owned and operated by Photon Energy NV.
Photon Energy NV is the solar arm of the Photon Energy Group, a provider of clean energy focusing on sustainable solutions.
According to Dentons, “this transaction represents the first project financing of European photovoltaic plants that operate on a merchant basis, selling energy directly to the market without a power purchase agreement or state subsidy.”
Dentons’ team included Warsaw-based Partner Mark Segall and Bucharest-based Partners Claudiu Munteanu-Jipescu and Bogdan Papandopol, Counsel Maria Tomescu, and Associates Cristina Staicu and Alexandra Sofineti.