Photon Energy N.V. (WSE: PEN, the 'Group') announcesthat its subsidiary Photon Energy Solutions HU Kft has completedand grid-connected eight photovoltaic power plants with a totalinstalled capacity of 5.6 MWp in Monor, Hungary. This latestaddition expands the Group’s proprietary portfolio of PV powerplants to 44.8 MWp.
The plants, covering an area of 9 hectares, are connected to thegrid of NKM Áramhálózati Kft and are expected to generate around6.9 GWh of electricity per year.
“We are elated to have completed our PV power plants in Monor,where we commenced our project development activities in Hungary in2016. Taking a project from inception to completion with the endresult being a fully operating power plant is among the mostrewarding experiences in our business and a source of pride for ourteam. Today’s addition to our portfolio takes us yet another stepcloser to our year-end 2021 portfolio target of 75 MWp in Hungary,“said Georg Hotar, CEO of Photon Energy N.V.
The Group will own and operate the power plants through theGroup’s wholly owned project company Photon Energy HU SPV 1 Kft.The subsidiary owns eight KÁT licenses that entitle each powerplant to a feed-in tariff of 32,590 HUF per MWh (approx. EUR 100per MWh) over a period of 25 years with a maximum approved andsupported production of 16,950 MWh per license. Total annualrevenues of all eight power plants are expected to amount to EUR680,000.
Following the revaluation of the Group’s proprietary portfolioaccording to IAS 16, approximately EUR 3.1 million will be recordedas the Group’s Other Comprehensive Income in the 2019Q4 Profit andLoss Statement.
