Photon Energy (WSE: PEN, the 'Group') announces that itssubsidiary Photon Energy Solutions HU Kft has built andgrid-connected eight PV power plants with a combined capacity of5.5 MWp located in Almásfüzitő, Hungary, expanding the Group’sproprietary portfolio of PV power plants to 37.1 MWp.
Covering an area of 6.96 hectares, the plants are connected tothe grid of E.ON Észak-dunántúli Áramhálózati Zrt and are expectedto generate around 6.8 GWh of electricity per year.
“Having now connected 11.5 MWp in total to the grid in Hungaryis a major achievement for Photon Energy as a developer, an EPCcontractor, and an investor. We’re thrilled to see our businessmodel bear fruit and we look forward to getting another step closerto the Group’s goal to build 50 MWp of PV power plants forlong-term ownership in Hungary until 2020,” said GeorgHotar, CEO of Photon Energy.
Photon Energy will own and operate the projects through theGroup’s wholly owned company Rácio Master Kft. The subsidiary ownseight KÁT licenses that entitle the power plants to a feed-intariff of 32,000 HUF per MWh (approx. EUR 100 per MWh) over aperiod of 25 years with a maximum approved and supported productionof 15,500 MWh per license. Total annual revenues of all powerplants are expected to amount to around EUR 680,000.
Following the revaluation of the Group’s proprietary portfolioaccording to IAS 16, approximately EUR 2.7 million will be recordedas the Group’s Other Comprehensive Income in the 2019Q1 Profit andLoss Statement.
The eight PV power plants in Almásfüzitő are part of thecompany’s 11.5 MWp proprietary PV power plant portfolio in Hungary,for which Photon Energy secured long-term non-recourse projectfinancing with K&H Bank, the Hungarian subsidiary of theBelgian KBC Group and one of Hungary's largest banking andfinancial services firms as well as a leading local player inproject finance, earlier this year.
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MEDIA CONTACT
Martin Kysly
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E martin.kysly@photonenergy.com
