Photon Energy Commissions Seven PV Power Plants with 4.9 MWp in Hungary

5.11.2019

Photon Energy N.V. (WSE: PEN, the 'Group') announces that its subsidiary Photon Energy Solutions HU Kft has completed and grid-connected seven photovoltaic power plants with a total installed capacity of 4.9 MWpin the municipalities of Fertőd and Kunszentmárton, Hungary. This latest addition expands the Group’s installed base in Hungary to 24.1 MWp and its total proprietary portfolio of PV power plants to 49.7 MWp.

As an extension to I, the Group's first 528 kWp power plant in the Hungarian market commissioned in March 2018, the five add-ons (Fertőd II) cover an area of 6 hectares and are connected to the grid of E.ON Észak-dunántúli Áramhálózati Zrt. While the Fertőd I project had been acquired at the ready-to-build stage, the Fertőd II projects were internally-developed by Photon Energy.

The remaining two PV power plants in Kunszentmárton extend over 1.7 hectares and are connected to the grid of E.ON Tiszántúli Áramhálózati Zrt. The seven PV power plants are expected to generate around 6.0 GWh of electricity per year.   

“We are very excited to have commissioned another seven PV power plants in Fertőd and Kunszentmárton as yet again, it confirms our team's capability to swiftly and simultaneously implement multiple projects in different locations and to the highest industry standards,” said Georg Hotar, CEO of Photon Energy N.V.       

The Group will own and operate the power plants through several wholly-owned project companies that  own seven KÁT licenses entitling each power plant to a feed-in tariff of 32,590 HUF per MWh (approx. EUR 100 per MWh) over a period of 25 years with a maximum approved and supported average production of some 15,600 MWh per license. Total annual revenues of all seven power plants are expected to amount to EUR 600,000.

Following the revaluation of the Group’s proprietary portfolio according to IAS 16, approximately EUR 1.9 million will be recorded as the Group’s Other Comprehensive Income in the 2019Q4 Consolidated Income Statement.

Download this press release as a pdf.

fertod_ii_ret_small.jpg

Image by Photon Energy: 3.5 MWp photovoltaic power plant Fertőd II in Fertőd, Hungary.


kunszentmarton_04112019_small.jpg

Image by Photon Energy: 1.4 MWp photovoltaic power plant in Kunszentmárton, Hungary 

 

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