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 5.4 MWp in the municipality of Tata, Hungary.This latest addition expands the Group’s installed base in Hungaryto 31.5 MWp and its total proprietary portfolio of PV power plantsto 57.1 MWp.
The eight power plants are connected to the grid of E.ONÉszak-dunántúli Áramhálózati Zrt. and are expected to generatearound 7.35 GWh of electricity per year. Six out of the eight usetracking technology allowing solar modules to follow the course ofthe sun (single-axis tracking system); two harvest solar energy ata fixed angle (fixed-mount system).
For Photon Energy these are the first PV power plants builtusing single-axis tracking systems, which are expected to achieve a15-20% higher specific performance.
“We are excited to connect another 5.4 MWp of PV power plants tothe grid, currently contributing 31.5 MWp of PV capacity to theHungarian energy mix. With a further 17.7 MWp of PV power plants atthe advanced stage of construction (3.5 MWp) and under development(14.2 MWp), we remain well on track to deliver our year-end 2021goal of 75 MWp of Hungarian PV power plants in our proprietaryportfolio,“ said Georg Hotar, CEO of Photon Energy N.V.
The Group will own and operate the power plants through fivewholly-owned project companies that own eight KÁT licenses. Thelicenses entitle each power plant to a feed-in tariff of 33,360 HUFper MWh (approx. EUR 99 per MWh) over a period of 25 years with amaximum approved and supported production of 25,650 MWh per license(tracking system) and 16,475 MWh (fixed-mount system).
Following the revaluation of the Group’s proprietary portfolioaccording to IAS 16, approximately EUR 2.2 million will be recordedas the Group’s Other Comprehensive Income in the Q1 2020Consolidated Income Statement.
MEDIA CONTACT
Martin Kysly
Photon Energy
T +420 774 810 670
E martin.kysly@photonenergy.com
