Photon Energy Publishes Annual Report for 2019 Posting Record Results

16.4.2020

Photon Energy N.V. (WSE: PEN, the 'Company' or 'Group') today published its Annual Report for 2019, posting record audited financial results with consolidated revenues up by 48.9% to EUR 30.15 million, total comprehensive income up by 218.6% YoY to EUR 8.06 million and record consolidated equity of EUR 37.84 million.

ʺ2019 was another very dynamic year for Photon Energy across all its business lines, covering the entire life cycle of photovoltaic power plants. Building on our progress in our core growth markets Australia and Hungary in 2019, we have taken our first steps to enter the dynamic Polish market, where we are very excited to implement our proven business model in 2020 and beyond,ʺ commented Georg Hotar, CEO of Photon Energy.

ʺWith regards to the COVID-19 pandemic, Photon Energy’s diversified revenue streams reduce the potential negative impact on our business. For all projects to be implemented over the next six months we have already secured all necessary components, including solar modules,ʺ added Hotar.

In 2019 Photon Energy commissioned 20.1 MWp of PV power plants across six locations in Hungary. With the grid connection of another 5.4 MWp in March 2020, the Company now has 46 PV power plants in operation, bringing the Group’s total proprietary portfolio in the country to 31.5 MWp and the global total to 51.7 MWp. The Company secured long-term financing for these projects from K&H Bank for a period of 15 years. 

The Company increased its O&M services portfolio by 21.2% or 48.1 MWp to 275 MWp by year-end 2019. Further 33 MWp of PV capacity have been added in Q1 2020, bringing the total to 308 MWp.

In Australia, the Company successfully completed a project for ALDI Stores Australia to build 31 rooftop installations with a combined capacity of 4.6 MWp on 31 stores and a distribution centre across New South Wales and Queensland. Photon Energy won a tender to design and build an integrated solar (1.2 MWp) and battery storage (with over 3.2 MWh capacity) system on the UNESCO-listed Lord Howe Island. In addition, the Company successfully exited from two out of five utility-scale projects, jointly developed with Canadian Solar, leading to a capital gain of EUR 4.32 million. Photon Energy remains involved in the development of four large-scale PV projects with a planned capacity of 738 MWp in Australia.

In association with a local partner in Poland, the Company signed a PLN 3.4 million (EUR 0.75 million) EPC contract with a water utility company for the construction of a 950 kWp PV power plant at the wastewater treatment plant in Jamno, representing the Company’s first significant step into this growing PV market.

EBITDA decreased slightly, by 2.5%, from EUR 8.15 million in 2018 to EUR 7.94 million in 2019. This development is the direct result of the Company’sinvestment in both a growing team and new projects, which will lead to a rise in our income-generating asset base in the medium- and long-term, driving future growth in electricity-generation revenues, capital gains and Other Comprehensive Income (OCI).

Electricity production in 2019 reached 43.78 GWh, representing 54.4% YoY growth. This growth continued during Q1 2020, fueled by the Company’s growing installed base in its proprietary portfolio with a 70.9% YoY increase to 11.74 GWh of produced electricity. In Q2 2020, five additional power plants currently under construction with an installed capacity of 3.5 MWp are set to be commissioned. Before year-end 2020, ten power plants with a total installed capacity of 14.2 MWp will also enter into operations.

In early April 2020, Photon Energy entered into a strategic partnership with the Melbourne-based technology company RayGen Resources to develop global renewable energy projects suitable for the roll-out of RayGen’s unique solar power and electricity storage technology. Photon Energy will act as a project developer, EPC contractor and – where suitable – as a project equity investor. As part of the partnership Photon Energy has also become a minority shareholder of RayGen Resources.

At the same time, Photon Energy won a tender for the design and construction of a 3 MWp solar power plant in the city of Wodonga in Victoria, Australia. The off-grid-capable PV power plant will supply a wastewater treatment facility operated by the regional water utility, North East Water. The EUR 4.1 million project represents another milestone for Photon Energy as an EPC for complex off-grid-enabled solar-based energy systems in the Australian market.

Download this press release as a pdf.

 

Download the Annual report for 2019

 

MEDIA CONTACT

Martin Kysly
Photon Energy
T +420 774 810 670

  

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