| POLISH FINANCIAL SUPERVISION AUTHORITY | |||||||||||
| UNI - EN REPORT No | 54 | / | 2021 | ||||||||
| Date of issue: | 2021-12-30 | ||||||||||
| Short name of the issuer | |||||||||||
| PHOTON ENERGY N.V. | |||||||||||
| Subject | |||||||||||
| Photon Energy repays project financing of Czech PV portfolio | |||||||||||
| Official market - legal basis | |||||||||||
| art. 17. 1 MAR. | |||||||||||
| Unofficial market - legal basis | |||||||||||
| Contents of the report: | |||||||||||
| The management board of Photon Energy N.V. ( “Company” or “Group”) announces that it has early repaid the remaining project financing of its Czech PV portfolio provided by Raiffeisen - Leasing, s.r.o. (“RL”) on 30 December 2021. The project financing for a total installed capacity of 12.344 MWp had been originally provided by RL’s predecessor in 2009 and 2010 and was due on 1 January 2023. The remaining outstanding principal, accrued interest and expected break fees as of 30 December 2021 amounted to approximately CZK 288.65 million (EUR 11.57 million) and were repaid by a combination of the cash balances (partially restricted) held by the project companies (CZK 116.4 million, EUR 4.66 million) and loans provided by the Group to the project companies totaling CZK 172.25 million (EUR 6.91 million). In January 2022 the Group will exercise its call options and take legal ownership of 100% of the equity of the project companies. The Photon Energy Group’s cash injection into this transaction has been financed by the equity raised during the placement of treasury shares in June 2021. The key rationales for the early repayment of the RL project financing are as follows: • While the project companies were paying financing costs of 5.19% on the total outstanding principal, approximately 40% of this amount was tied up as restricted cash (mostly in reserve accounts). This ratio was expected to grow further in 2022 as the power plants would generate more cash, which would have pushed the actual financing cost on the net outstanding principal towards and beyond 10% per annum, which is materially above the cost of other external debt financing available to the Photon Energy Group. • The transaction reduces the Group’s consolidated financial debt by EUR 11.46 million and thus strengthens the Group’s balance sheet and equity ratio at year-end 2021. • Interest costs in 2022 will be reduced by approximately CZK 13 million (EUR 522,000). • The Group will have full access to the free cash of its entire Czech PV portfolio with a total installed capacity of 15 MWp until the end of the support period, that is until year-end 2029 on 0.8 MWp and year-end 2030 on 14.2 MWp. The Company will be able to immediately deploy this free cash flow to service group-level financial debt and finance the expansion of its proprietary portfolio. Depending on market conditions or should the need arise the Photon Energy Group could arrange new project financing for the Czech PV portfolio in order to either service group-level financial debt and/or to finance the expansion of its proprietary portfolio. | |||||||||||
| Annexes | |||||||||||
| File | Description | ||||||||||
| PHOTON ENERGY N.V. | |||||||||||||
| (fullname of the issuer) | |||||||||||||
| PHOTON ENERGY N.V. | Energetyka (ene) | ||||||||||||
| (short name of the issuer) | (sector according to clasification of the WSE in Warsow) | ||||||||||||
| 1083 HN | Amsterdam | ||||||||||||
| (post code) | (city) | ||||||||||||
| Barbara Strozzilaan | 201 | ||||||||||||
| (street) | (number) | ||||||||||||
| +31 20 240 2570 | +31 20 240 2598 | ||||||||||||
| (phone number) | (fax) | ||||||||||||
| (e-mail) | (web site) | ||||||||||||
| 8500.20.827 | |||||||||||||
| (NIP) | (REGON) | ||||||||||||
| SIGNATURE OF PERSONS REPRESENTING THE COMPANY | |||||
| Date | Name | Position / Function | Signature | ||
| 2021-12-30 | Georg Hotar and Michael Gartner | Directors | |||
