Photon Energy (WSE: PEN, the 'Group') announces that itssubsidiary Photon Energy Solutions HU Kft has built andgrid-connected eight PV power plants with a combined capacity of5.5 MWp located in Tiszakécske, Hungary, expanding the Group’sproprietary portfolio of PV power plants to 31.6 MWp.
Covering an area of 7.9 hectares, the plants are connected tothe grid of E.ON Tiszántúli Áramhálózati Zrt and areexpected to generate around 6.7 GWh of electricity per year.
“The eight ground-mounted PV power plants in Tiszakécske mark asignificant step for Photon Energy in the strategic Hungarianmarket. The completion of the facilities helps solidify ourexpansion in the country in terms of renewable energy capacity,while bringing Photon Energy closer to the Group’s communicatedgoal to build 50 MWp of PV power plants for long-term ownership inHungary until 2020,” said Georg Hotar, CEO of PhotonEnergy.
The Group will own and operate these projects through eightfully-owned subsidiaries that each own a KÁT license entitling themto a feed-in-tariff of some 32 HUF per KWh (approx. EUR 0.1 perkWh) over a period of up to 25 years, with a maximum approved andsupported production of 15,575 MWh per license. Total annualrevenues of all eight power plants are expected to amount to EUR660,000.
Following the revaluation of the Group’s proprietary portfolioaccording to IAS 16, approximately EUR 1.5 million will be recordedas the Group’s Other Comprehensive Income in the 2018Q4 Profit andLoss Statement.
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MEDIA CONTACT
Martin Kysly
T +420 774 810 670
E martin.kysly@photonenergy.com
