Global law firm Dentons has advised Raiffeisen Bank International as arranger, original lender, agent and security agent of a €21,900,000 term loan facility for companies owned and operated by Photon Energy N.V., the solar arm of Photon Energy Group. The portfolio consists of eight photovoltaic power plants located throughout Romania with a total installed capacity of 31.5MWp. 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.

Photon Energy Group is a global provider of clean energy dedicated to providing state-of-the-art and sustainable solutions.

Mark Segall (Warsaw) led the Dentons team on the deal in collaboration with counsel Maria Tomescu and associates Cristina Staicu and Alexandra Sofineti in Bucharest. Additional support was provided by a wider team including Claudiu Munteanu-Jipescu and Bogdan Papandopol in Bucharest.

Mark Segall commented: “It was a privilege to support our key client, Raiffeisen Bank International, on this first-of-its-kind project financing that pushes forward the paradigm of European green energy project financing”.

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