Photon Energy Starts Construction on PV Power Plants in Hungary with a Total Capacity of 14.1 MWp

Photon Energy (WSE: PEN, the 'Group' or the'Company') announces that it has commenced construction onten photovoltaic power plants for its own PV portfolio with a totalcapacity of 14.1 MWp in Püspökladány, Hungary.

The ten power plants will extend over 19.8 hectares and supplypower to the grid of E.ON Tiszántúli Áramhálózati Zrt.The powerplants are expected to generate approximately 20 GWh of cleanenergy per year.

The Group will deliver the engineering, procurement, and construction (EPC) services through its subsidiary Photon Energy Solutions HU Kft. Once connected to the grid, Photon Energy Operations HU Kft. will provide long-term monitoring as well asoperations and maintenance services.

‘Following the recent announcement of the start of construction of two PV power plants with a combined installed capacity of 14 MWpin Australia, we are very pleased to announce that we are breakingground on a further ten large utility-scale power plants in Hungary. Upon completion, which is scheduled for the fourth quarterof 2020, these new additions will expand our Hungarian and global PV portfolio of our own power plants to 49.1 MWp and 88.6 MWp,respectively,’ said Georg Hotar, CEO of Photon Energy.

The Group will operate the power plants through fourwholly-owned project companies with a total of ten METÁR licenses.Five licenses entitle each power plant to a feed-in tariff (in theform of electricity sales on the energy spot market plus acontract-for-difference) of HUF 33,360 per MWh (approx. EUR 96.6per MWh) for 15 years and 5 months, with a maximum approved andsupported production of 29,955 MWh per license. The remaining fivelicenses entitle each power plant to the same feed-in tariff for 17 years and 11 months, with a maximum approved and supported production of 34,813 MWh per license.

MEDIA CONTACT

Martin Kysly
Photon Energy
T +420 774 810 670
martin.kysly@photonenergy.com

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