Photon Energy N.V. (WSE: PEN, the 'Group' or'Company') announces that Photon Energy Solutions HU Kft.,the Group's subsidiary dedicated to engineering, procurementand construction (EPC) services, has completed and grid-connectedfive photovoltaic (PV) power plants with a total installed capacityof 3.5 MWp in the municipalities of Mályi and Kunszentmárton,Hungary. This latest addition expands the Group's installedbase in Hungary to 35.0 MWp and its total proprietary portfolio ofpower plants to 60.6 MWp.
The three power plants in Mályi extend over 3.9 hectares and areconnected to the grid of ÉMÁSZ Hálózati Kft.;the two plants inKunszentmárton cover 2.3 hectares and supply power to the grid ofE.ON Tiszántúli Áramhálózati Zrt. Together they are expected togenerate around 4.2 GWh of electricity per year.
The Company now owns and operates four power plants in theKunszentmárton area, with a combined capacity of 2.4 MWp; the firsttwo projects were commissioned in November 2019.
‘We are very proud to have achieved this milestone. It confirmsnot only our amazing team's capability to execute multipleprojects in different locations to the highest industry standards,but also their dedication to getting work done, even in theseunprecedented times of travel bans and global disruptions tocritical supply chains due to the COVID-19 pandemic,’ said GeorgHotar, CEO of Photon Energy N.V.
The Group will operate the new power plants through five whollyowned project companies, each of which possesses either a KÁT or aMETÁR-KÁT license. These licenses entitle each power plant to afeed-in tariff of HUF 33,360 per MWh (approx. EUR 95 per MWh). Thethree plants in Mályi (KÁT) are entitled to a maximum approved andsupported production of approximately 16,500 MWh per license over aperiod of 25 years, and the two plants in Kunszentmárton(METÁR-KÁT) are entitled to a maximum approved and supportedproduction of 13,832 MWh per license over 17 years and 4 months.The total revenues of all five power plants are expected to be EUR405,000.
According to the revaluation of the Group's proprietaryportfolio, following the IAS 16 model, approximately EUR 800,000 isexpected to be recorded as the Group's Other ComprehensiveIncome in the Q2 2020 Consolidated Income Statement.
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Image by Photon Energy: 2.1 MWp photovoltaic power plant inMályi, Hungary
Image by Photon Energy: 1.4 MWp photovoltaic power plant inKunszentmárton, Hungary.