Photon Energy N.V. (WSE: PEN, the 'Group') announcesthat its subsidiary Photon Energy Solutions HU Kft has completedand grid-connected seven photovoltaic power plants with a totalinstalled capacity of 4.9 MWpin the municipalities of Fertőd andKunszentmárton, Hungary. This latest addition expands the Group’sinstalled base in Hungary to 24.1 MWp and its total proprietaryportfolio of PV power plants to 49.7 MWp.
As an extension to I, the Group's first 528 kWp power plantin the Hungarian market commissioned in March 2018, the fiveadd-ons (Fertőd II) cover an area of 6 hectares and are connectedto the grid of E.ON Észak-dunántúli Áramhálózati Zrt. While theFertőd I project had been acquired at the ready-to-build stage, theFertőd II projects were internally-developed by Photon Energy.
The remaining two PV power plants in Kunszentmárton extend over1.7 hectares and are connected to the grid of E.ON TiszántúliÁramhálózati Zrt. The seven PV power plants are expected togenerate around 6.0 GWh of electricity per year.
“We are very excited to have commissioned another seven PV powerplants in Fertőd and Kunszentmárton as yet again, it confirms ourteam's capability to swiftly and simultaneously implementmultiple projects in different locations and to the highestindustry standards,” said Georg Hotar, CEO of Photon Energy N.V.
The Group will own and operate the power plants through severalwholly-owned project companies that own seven KÁT licensesentitling each power plant to a feed-in tariff of 32,590 HUF perMWh (approx. EUR 100 per MWh) over a period of 25 years with amaximum approved and supported average production of some 15,600MWh per license. Total annual revenues of all seven power plantsare expected to amount to EUR 600,000.
Following the revaluation of the Group’s proprietary portfolioaccording to IAS 16, approximately EUR 1.9 million will be recordedas the Group’s Other Comprehensive Income in the 2019Q4Consolidated Income Statement.
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MEDIA CONTACT
Martin Kysly
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E martin.kysly@photonenergy.com
