CEE M&A Monitor
Energy · Solar PV power plants Slovakia Share sale (8 SPVs) — signed, not yet completed 25 Sep 2026

Photon Energy agrees to sell eight Slovak solar plants to local private investors at a €5.6m enterprise value

Warsaw-listed Photon Energy N.V. announced late on 25 September 2026 (current report 27/2026) that it has entered into an agreement to sell eight photovoltaic power plants in Slovakia with a combined installed capacity of 7.581 MWp. Each plant sits in its own wholly owned special purpose vehicle: EcoPlan 2 and 3 in Mokrá Lúka (963 kWp each), Fotonika (999 kWp), Sun4ZVB and Sun4ZVC in Babiná (999 kWp each), SK SPV 2 and 3 in Jovice (979 kWp each) and ATS Energy in Blatná (700 kWp). The buyers are four private individuals whom the company describes as strategic investors in PV assets in Slovakia. The deal is a sale of shares in the SPVs at an enterprise value of €5.6 million, payable on completion. In 2025 the portfolio generated revenue of about €2.1 million and EBITDA of about €1.65 million. At 30 June 2026 it carried about €4.1 million of project financing, which stays with the SPVs. Photon Energy gives its reasons: the plants' feed-in tariff support runs out in 2030 or 2031; they require material capital expenditure before the end of 2026, an obligation tied to the 2021 extension of the tariff period from 15 to 20 years; and a 2023 review found no additional grid capacity and severe limits on extending land-use rights, which rules out much value from repowering. The company says the sale will reduce group debt, capex and regulatory risk, and fund its envisaged restructuring process. It keeps 50% stakes in three other Slovak PV plants (Myjava, Polianka, Brestovec; 2.85 MWp), whose project debt was fully repaid in 2025. Completion has not yet been announced.

Our take The price works out at about 3.4 times 2025 EBITDA, and after the €4.1 million of project debt that transfers with the SPVs, roughly €1.5 million is left for the equity on our arithmetic. That is low for assets with an EBITDA margin near 80%, and the seller explains why in its own announcement: four or five years of tariff left, capex due within months, and no grid or land to repower on. For feed-in-tariff-era plants across the region, this is the valuation logic in plain view — buyers pay for the remaining tariff years net of the capex still owed, not for the megawatts. The contrast is in the same release: the three plants Photon keeps are on land it owns, close to potential energy users, with no debt. The buyers are local individuals rather than a fund, which is typical for sub-10 MW portfolios where the ticket is too small for institutional capital. A seller heading into a restructuring also has less room to wait for a better bid.
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