PHOENIX (PHO): Photon Energy announces the signing of contracts relating to the financing of the 2.35 MWp Komorovice PV plant - raport 53

The Management Board of Photon Energy announces on 27 August 2010 that the company signed a framework agreement between Photon Energy a.s, its fully owned subsidiary Exit 90 SPV s.r.o. and Raiffeisen - Leasing Real Estate, s.r.o. (in the following “RLRE") in relation to the construction of the Komorovice photovoltaic plant with an installed capacity of 2.35 MWp with the following key terms:

• Photon Energy sells its 100% equity stake in Exit 90 SPV s.r.o. to RLRE for the nominal consideration of CZK 200,000 (EUR 8,076 or PLN 32,211).

• Photon Energy provides Exit 90 SPV s.r.o. with a subordinated loan of CZK 41.12 million (EUR 1.66 million or PLN 6.62 million) at 3M PRIBOR + 6.45% The subordinated loan is pledged to RLRE.

• RLRE provides a senior loan of CZK 151.9 million (EUR 6.13 million or PLN 24.46 million) bearing interest of 3M PRIBOR + 5.45% to Exit 90 SPV s.r.o.

• Photon Energy's fully owned engineering subsidiary Photon Engineering s.r.o. signed a turnkey EPC contract for the construction of the 2.35 MWp PV plant in Komorovice for a fixed price of CZK 170.67 million (EUR 6.89 million or PLN 27.49 million) with Exit 90 SPV 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 Exit 90 SPV s.r.o. at market conditions

• Photon Energy has a call option to repurchase the 100% equity stake in Exit 90 SPV s.r.o. from RLRE starting after three years for the consideration of CZK 200,000 (EUR 8,076 or PLN 32,211) subject to the full repayment of the then outstanding senior loan balance

• RLRE has a put option to sell its 100% equity stake in Exit 90 SPV s.r.o. to Photon Energy after five years for the consideration of CZK 200,000 (EUR 8,076 or PLN 32,211) triggering the full repayment of the then outstanding senior loan balance

The construction of the PV plant in Komorovice has been initiated by Exit 90 SPV s.r.o. in late July 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 Komorovice will be completed and connected to the grid during October 2010.

Photon Energy and its board members are unrelated to RLRE.

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