The Management Board of Photon Energy announces on 13 November 2010 that on 12 November 2010 the company signed a framework agreement between Photon Energy a.s, its fully owned subsidiary Onyx Energy s.r.o., Raiffeisen - Leasing Real Estate, s.r.o. (in the following “RLRE") and Raiffeisen FinCorp, s.r.o. (in the following “RFC") in relation to the construction of the Zdice I photovoltaic plant with an installed capacity of 1.5 MWp with the following key terms:
• Photon Energy sells its 100% equity stake in Photon SPV 6 s.r.o. to RLRE for the nominal consideration of CZK 200,000 (EUR 8,120 or PLN 31,898).
• Photon Energy provides Onyx Energy s.r.o. with a subordinated loan of up to CZK 79.0 million (EUR 3.207 million or PLN 12.600 million) at 3M PRIBOR + 6.45%. The subordinated loan is pledged to RLRE.
• RFC provides a senior loan in 3 tranches, i.e. CZK 44.9 million (EUR 1.823 million or PLN 7.161 million) after signing, CZK 28.0 million (EUR 1.137 million or PLN 4.466 million) subject to grid connection in 2010 and CZK 23.6 million (EUR 0.958 million or PLN 3.764 million) subject to the impact of the announced retroactive changes to the regulatory framework and taxation in the Czech Republic and payable by 31 December 2011. The senior loan bears interest of 3M PRIBOR + 5.45%.
• Photon Energy's fully owned engineering subsidiary Photon Engineering s.r.o. signed a turnkey EPC contract for the construction of the 1.5 MWp PV plant in Zdice for a fixed price of CZK 105.668 million (EUR 4.290 million or PLN 16.853 million) with Onyx Energy s.r.o.
• Photon Energy's fully owned operations and maintenance (O & M) subsidiary Photon Management s.r.o. signed a full-service O & M contract with Onyx Energy s.r.o. at market conditions
• Photon Energy has a call option to repurchase the 100% equity stake in Onyx Energy s.r.o. from RLRE starting after three years for the consideration of CZK 200,000 (EUR 8,120 or PLN 31,898) subject to the full repayment of the then outstanding senior loan balance to RFC
• RLRE has a put option to sell its 100% equity stake in Onyx Energy s.r.o. to Photon Energy after five years for the consideration of CZK 200,000 (EUR 8,120 or PLN 31,898) triggering the full repayment of the then outstanding senior loan balance to RFC
Photon Energy also agreed to the cross-collateralisation of all projects financed to-date and those still to be financed by RLRE until year-end 2010. This requirement by RLRE and the split of the senior loan into three tranches are a direct result of the uncertainty introduced by the series of retroactive legislation and regulations proposed by the Czech government, including the 26% revenue tax for photovoltaic plants.
The construction of the PV plant in Zdice has been initiated by Onyx Energy s.r.o. in early October and to date it has been financed by a shareholder loan by Photon Energy, which has now been subordinated in the transaction with RLRE. Based on the progress in the construction process and current knowledge Photon Energy is confident that the PV plant in Zdice will be completed and connected to the grid during December 2010.
Photon Energy and its board members are unrelated to RLRE and RFC.
Legal basis: § 3 ust.2. of the Appendix 1 to Resolution No. 363/2009 of the Warsaw Stock Exchange Management Board dated 27 July 2009 "Current and Periodical Information in the Alternative Trading System".
Osoby reprezentujące spółkę:
Michal Gärtner - Chairman of the Board of Directors
Georg Hotar - Vice-chairman of the Board of Directors