Photon Energy N : Commissions 2.1 MWp in Hungary and Grows Its Global Portfolio to 51.8 MWp

DGAP-Media / 05.12.2019 / 07:24 Photon Energy Commissions 2.1 MWp in Hungary and Grows Its Global Portfolio to 51.8 MWp   - The three power plants with a combined capacity of 2.1 MWp expand Photon Energy's global proprietary portfolio to 51.8 MWp - The power plants are located in Taszár in the Southwest of Hungary and are projected to generate 2.7 GWh of electricity annually - Total annual revenues of all three power plants are expected to amount to EUR 266,000 Amsterdam - 5 December 2019 - Photon Energy N.V. (WSE: PEN, the 'Group') announces that its subsidiary Photon Energy Solutions HU Kft has completed and grid-connected three photovoltaic power plants with a total installed capacity of 2.1 MWp in Taszár, Hungary. This latest addition expands the Group's global proprietary portfolio of PV power plants to 51.8 MWp. The power plants, covering an area of 4.5 hectares, are connected to the grid of E.ON Dél-dunántúli Áramhálózati Zrt. and are expected to generate around 2.7 GWh of electricity per year. "With the grid-connection of our PV power plants in Taszár, we are proud to be contributing 26.1 MWp of PV capacity to the Hungarian energy mix. With a further 7.7 MWp of PV power plants under construction and due to be commissioned in 2020Q1, we remain well on track towards our year-end 2021 goal of 75 MWp of Hungarian PV power plants in our proprietary portfolio," said Georg Hotar, CEO of Photon Energy N.V. The Group will own and operate the power plants through the Group's wholly owned project company Optisolar Kft. The subsidiary owns three KÁT licenses that entitle each power plant to a feed-in tariff of HUF 32,590 per MWh (approx. EUR 98 per MWh) over a period of 25 years with a maximum approved and supported production of 16,475 MWh per license. Total annual revenues of all three power plants are expected to amount to EUR 266,000. Following the revaluation of the Group's proprietary portfolio according to IAS 16, approximately EUR 0.5 million will be recorded as the Group's Other Comprehensive Income in the 2019Q4 Profit and Loss Statement. ABOUT PHOTON ENERGY Photon Energy N.V. is a global solar energy solutions and services company covering the entire lifecycle of solar energy systems. Since its foundation in 2008, Photon Energy has built and commissioned over 75 MWp of solar power plants across two continents of which 51.8 MWp for our own portfolio. Current project development includes a project pipeline of 884 MWp in Australia (out of which 580 MWp in partnership with Canadian Solar) and 23.2 MWp in Hungary, with a target of 75 MWp by 2021. The O&M division provides operations and maintenance services for over 260 MWp worldwide. Additionally, its subsidiary Photon Water Technology (PWT), focuses on developing and providing water purification, remediation and treatment systems for worldwide deployment. Photon Energy is headquartered in Amsterdam and has offices across Europe and in Australia. For more information, please visit www.photonenergy.com. MEDIA CONTACT Martin Kysly T [phone] E [e-mail] End of Media Release Issuer: Photon Energy NV Key word(s): Energy 05.12.2019 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

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