Photon Energy Commissions Seven PV Power Plants with 4.9 MWp in Hungary - The seven power plants with a combined installed capacity of 4.9 MWp are located in Fert?d and Kunszentmárton, and are connected to the grids of E.ON Észak-dunántúli Áramhálózati Zrt and E.ON Tiszántúli Áramhálózati Zrt, respectively - The power plants expand Photon Energy's installed base in Hungary to 24.1 MWp and its total proprietary portfolio to 49.7 MWp - Total annual revenues of all seven power plants are expected to amount to EUR 600,000
As an extension to Fert?d I, the Group's first 528 kWp power plant in the Hungarian market commissioned in March 2018, the five add-ons (Fert?d II) cover an area of 6 hectares and are connected to the grid of E.ON Észak-dunántúli Áramhálózati Zrt. While the Fert?d I project had been acquired at the ready-to-build stage, the Fert?d II projects were internally-developed by Photon Energy. The remaining two PV power plants in Kunszentmárton extend over 1.7 hectares and are connected to the grid of E.ON Tiszántúli Áramhálózati Zrt. The seven PV power plants are expected to generate around 6.0 GWh of electricity per year. "We are very excited to have commissioned another seven PV power plants in Fert?d and Kunszentmárton as yet again, it confirms our team's capability to swiftly and simultaneously implement multiple projects in different locations and to the highest industry standards," said Georg Hotar, CEO of Photon Energy N.V. The Group will own and operate the power plants through several wholly-owned project companies that own seven KÁT licenses entitling each power plant to a feed-in tariff of 32,590 HUF per MWh (approx. EUR 100 per MWh) over a period of 25 years with a maximum approved and supported average production of some 15,600 MWh per license. Total annual revenues of all seven power plants are expected to amount to EUR 600,000. Following the revaluation of the Group's proprietary portfolio according to IAS 16, approximately EUR 1.9 million will be recorded as the Group's Other Comprehensive Income in the 2019Q4 Consolidated Income Statement.
ABOUT PHOTON ENERGY MEDIA CONTACT Martin Kysly End of Media Release Issuer: Photon Energy NV Key word(s): Energy
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