Hungary Becomes Photon Energy’s Second Largest O&M Market

5.12.2018

Photon Energy Operations HU Kft. (the ‘Company’), the Hungarian O&M subsidiary of Photon Energy N.V. (WSE: PEN), today announced that it has signed a 15-year Operations & Maintenance (O&M) agreement with owners of 28 PV power plants – currently under construction – with a combined generation capacity of 15.3 MWp.

“We are thrilled to take on the responsibility for the operations and maintenance for our client’s 28 PV power plants in Hungary. We are looking forward to deploying our Smart Operations approach to maximize the energy production, and thus the revenues and profitability of these solar assets. This contract is a strong proof that the Hungarian market provides us with substantial growth potential for our O&M business beyond our proprietary portfolio, and we are strongly motivated to replicate our market-leading position held in the Czech Republic,” said Georg Hotar, Photon Energy CEO.

The 28 PV power plants are located in in the vicinity of the town of Monor where Photon Energy plans to construct eight PV power plants for its proprietary portfolio by mid-2019, delivering substantial synergies in the provision of O&M services across all 36 PV power plants. Photon Energy will provide comprehensive O&M services including plant monitoring, performance management as well as preventive and corrective maintenance at all 28 facilities.

All 28 PV power plants in Monorierdő are expected to be operational by the end of 2019Q1. Once up and running, the Company will be providing O&M services to 26.8 MWp of PV power plants in Hungary, turning the country into the Group’s second largest O&M market.

Download this press release as a pdf.

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