Photon Energy N.V.

Monthly Report for April 2024

For the period from 1 to 30 April 2024

Photon Energy N.V.

Monthly Report for April 2024

1. Short Summary of Business Highlights in the Reporting Period

1.1 Generation Results of Photon Energy's Proprie- tary Power Plants

April was a very good month for our IPP portfolio. The monthly electricity production of our proprietary portfolio amounted to 18.0 GWh, compared to 11.3 GWh a year earlier, up by 59.8% YoY. Year-to-date (YTD) generation amounted to 48.3 GWh compared to 36.0 GWh a year ago, up by 34.0% YoY. All power plants, except for Hungarian ones, generated more than expected in our energy audits, with the average monthly outperformance ratio of +1.6%. Underperformance of the Hungarian power plants can be attributed to a temporary switch-off of power plants related to the optimisation of the market position, and hence the business result, due to the volatility of the energy markets.

The average specific yield (total generation in the period / average capacity in the period) reached a level of 136.4 kWh/kWp compared to 115.4 kWh/kWp a year earlier, +18.2% YoY.

Total electricity generation YTD represented an avoidance of 16,771 tonnes of CO2e emissions.

For further details, see section 2: Generation Results.

Gartner, one of the Group's founders, its CTO and member of the Board of Directors, has decided to retire from his day-to-day managerial duties, effective as of 31 December 2024. Michael Gartner will not be seeking reappointment to the Board of Directors at the Group's Annual General Meeting on 14 June 2024, but has been nominated to become a member of the Supervisory Board, effective as of 1 January 2025. The Supervisory Board has nominated David Forth, the Group's CFO, to replace Michael Gartner on the Board of Directors of Photon Energy N.V. For more details please ESPI report 13/2024.

1.6 Convocation of the Annual General Meeting

On 2 May, the Management published the convocation notice for its Annual General Meeting of Shareholders to be held at the registered address of the Company at Barbara Strozzilaan 201, 1083 HN Amsterdam, The Netherlands, on 14 June, 2024, at 10:30 a.m. CET. The full set of documents related to this meeting is available in the Corporate Governance section of our Investor relations page at https://www.photonenergy.com/en/investor-relations.html

1.2 Average Electricity Prices Realised by Proprie- tary Power Plants

As of 1 April 2024, our IPP portfolio was rebalanced to a 50/50 split between feed-in-tariff and merchant model. This rebalancing was a major driver behind the increase of an average realised electricity prices from EUR 133 per MWh in March to EUR 151 per MWh in the reporting period, up by +13.7% month-on-month. On the year- on-year basis, realised prices were still about -17.0% below the average of EUR 182 / MWh in April 2023.

The highest average prices were realised by our Czech power plants, with an average of EUR 638 per MWh. Prices realised by our Slovak power plants remain stable at EUR 263 per MWh. In Hungary realised prices increased to an average of EUR 110 / MWh (40.6 MWp under FiT and 11.2 MWp under merchant model). The lower prices were realised in Romania and followed by Aus- tralia with averages of EUR 69/MWh and EUR 47/MWh, respec- tively. In both markets our power plants are almost fully exposed to the energy market prices, which still remain under the pricing pres- sure. For further details, see section 3: Average Revenues Real- ised by Our Power Plants.

1.3 Connection of 1.7 MWp in Magureni, Romania

On 1 April 2024, Photon Energy completed and grid-connected its eleventh photovoltaic (PV) power plant in Romania, located in Ma- gureni, region Calarasi. The PV installation has a generation capacity of 1.7 MW DC and 1.25 MWp AC.

1.4 Publication of Annual Report and Sustainability Report for 2023

On 30 April March 2024, the management board of Photon Energy N.V. published the Annual Report 2023 which is available at Investor relations section of our website ir.photonenergy.com.

The Sustainability report is available at the following link.

1.5 Announced Changes on the Corporate Bodies

On 2 May, the Board of Directors announced that after more than 16 years of working with the Photon Energy Group, Michael

1.7 Divestment of Projects from Polish Development Pipeline

On 8 May 2024, the Company concluded a preliminary agreement for the sale of a photovoltaic project in Poland with a total capacity of 20.4 MW. The conclusion of the final share purchase agreement will take place after meeting certain conditions precedent, including obtaining full ready-to-build status. The sale price reflects market value and payment will take place in two instalments - an advance payment in Q2 2024 and the closing payment expected in Q4 2024.

This divestment is in line with the Company's strategy which assumes that some of its pure PV projects, which do not guarantee the achievement of ROI required by Photon Energy Group will be sold to third parties or converted to utility PV-hybrid projects or pure utility energy storage projects.

1.8 Signing Financing Agreement for EUR 15 million with EBRD

On May 10 2024, the Company signed a senior secured loan agreement ("Agreement") with European Bank for Reconstruction and Development ("EBRD") for the amount of up to EUR 15 million ("Loan").

The Loan is denominated in EUR. The financing period is 7 years from the date of conclusion of this Agreement. The interest rate on the Loan will be calculated on the basis of a variable reference rate based on the six months Euribor, increased by the bank's margin.

The signing of the Agreement represents the Group's second project financing of European PV assets that operate on a merchant basis, selling energy to the market without a power purchase agreement or state support.

The EBRD's investment will finance the construction and completion of Photon Energy's portfolio of six solar parks with a capacity of 29 MWp in Romania. As part of the project EBRD will also support the Company in expansion of demand response services, capacity market auctions and the research and development CapEx of Lerta S.A. The EBRD's Loan benefits from first-loss risk cover from the European Union (EU) under its InvestEU programme.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

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Photon Energy N.V.

Monthly Report for April 2024

2. Generation Results of the Proprietary PV Power Plants

The table below represents generation results of the power plants owned directly or indirectly by Photon Energy N.V.

Table 1. Production Results in April 2024

Project name

Unit

Komorovice

Zvíkov I

Dolní Dvořiště

Svatoslav

Slavkov

Mostkovice SPV 1

Mostkovice SPV 3

Zdice I

Zdice II

Radvanice

Břeclav rooftop

Total Czech PP

Babiná II

Babina III

Prša I.

Blatna

Mokra Luka 1

Mokra Luka 2

Jovice 1

Jovice 2

Brestovec

Polianka

Myjava

Total Slovak PP

Tiszakécske 1

Tiszakécske 2

Tiszakécske 3

Tiszakécske 4

Tiszakécske 5

Tiszakécske 6

Tiszakécske 7

Tiszakécske 8

Almásfüzitő 1

Almásfüzitő 2

Almásfüzitő 3

Almásfüzitő 4

Almásfüzitő 5

Almásfüzitő 6

Almásfüzitő 7

Almásfüzitő 8

Nagyecsed 1

Nagyecsed 2

Nagyecsed 3

Fertod I

Fertod II No 2

Fertod II No 3

Fertod II No 4

Fertod II No 5

Fertod II No 6

Kunszentmárton I/ 1

Capacity

Revenue Apr

kWp

per MWh

2,354

635 EUR

2,031

635 EUR

1,645

635 EUR

1,231

635 EUR

1,159

635 EUR

210

635 EUR

926

682 EUR

1,499

635 EUR

1,499

635 EUR

2,305

635 EUR

137

635 EUR

14,996

638 EUR

999

271 EUR

999

271 EUR

999

270 EUR

700

273 EUR

963

258 EUR

963

257 EUR

979

263 EUR

979

263 EUR

850

257 EUR

999

261 EUR

999

259 EUR

10,429

263 EUR

689

120 EUR

689

120 EUR

689

120 EUR

689

120 EUR

689

120 EUR

689

120 EUR

689

120 EUR

689

120 EUR

695

120 EUR

695

120 EUR

695

120 EUR

695

120 EUR

695

120 EUR

660

120 EUR

691

120 EUR

668

120 EUR

689

120 EUR

689

120 EUR

689

120 EUR

528

120 EUR

699

120 EUR

699

120 EUR

699

120 EUR

691

120 EUR

699

120 EUR

697

120 EUR

Prod. Apr

Proj. Apr

Perf.

kWh

kWh

%

294,381

281,350

4.6%

261,573

254,280

2.9%

173,532

176,750

-1.8%

131,101

126,280

3.8%

146,961

150,050

-2.1%

22,834

24,770

-7.8%

105,470

112,010

-5.8%

199,635

193,050

3.4%

199,952

195,160

2.5%

272,590

288,310

-5.5%

17,115

17,380

-1.5%

1,825,144

1,819,390

0.3%

99,123

94,990

4.4%

98,662

97,450

1.2%

105,222

104,200

1.0%

78,907

75,730

4.2%

125,047

112,720

10.9%

125,956

114,830

9.7%

97,834

87,600

11.7%

99,089

85,690

15.6%

110,425

108,720

1.6%

103,879

103,500

0.4%

125,058

119,580

4.6%

1,169,203

1,105,010

5.8%

90,021

87,200

3.2%

90,829

87,330

4.0%

82,602

87,240

-5.3%

91,047

87,560

4.0%

90,538

86,760

4.4%

90,129

87,330

3.2%

90,393

86,310

4.7%

89,829

86,150

4.3%

90,653

90,670

0.0%

87,597

88,070

-0.5%

86,836

87,910

-1.2%

90,998

90,780

0.2%

92,271

92,020

0.3%

91,553

91,510

0.0%

91,805

91,080

0.8%

92,772

89,610

3.5%

89,142

87,330

2.1%

87,442

77,740

12.5%

88,270

87,940

0.4%

75,045

72,450

3.6%

97,451

76,210

27.9%

97,492

76,540

27.4%

96,822

90,090

7.5%

96,552

89,410

8.0%

96,215

75,750

27.0%

96,383

91,940

4.8%

YTD Prod.

YTD Proj.

Perf.

YTD YoY

kWh

kWh

%

%

679,799

690,950

-1.6%

16.0%

578,493

660,430

-12.4%

4.8%

422,896

454,820

-7.0%

10.3%

294,968

316,600

-6.8%

9.6%

370,420

386,970

-4.3%

12.0%

58,182

62,850

-7.4%

4.9%

263,612

281,000

-6.2%

5.6%

478,773

479,200

-0.1%

16.4%

479,120

487,960

-1.8%

16.2%

672,721

706,910

-4.8%

7.0%

44,573

45,400

-1.8%

16.6%

4,343,557

4,573,089

-5.0%

10.9%

231,101

237,010

-2.5%

0.6%

230,710

243,290

-5.2%

0.3%

256,748

268,840

-4.5%

5.0%

196,877

176,800

11.4%

14.6%

322,770

332,680

-3.0%

2.4%

331,734

342,980

-3.3%

2.6%

236,677

225,280

5.1%

6.7%

238,093

218,910

8.8%

10.3%

279,170

275,550

1.3%

9.5%

250,610

240,220

4.3%

12.7%

304,281

286,910

6.1%

11.2%

2,878,772

2,848,470

1.1%

6.5%

206,712

249,890

-17.3%

-11.7%

209,693

251,110

-16.5%

-11.3%

212,975

251,340

-15.3%

-4.7%

210,897

252,070

-16.3%

-11.2%

208,334

252,290

-17.4%

-11.3%

207,715

249,110

-16.6%

-11.7%

208,759

247,880

-15.8%

-11.5%

205,971

238,710

-13.7%

-11.5%

199,839

245,230

-18.5%

-10.8%

191,660

238,200

-19.5%

-11.8%

194,121

237,760

-18.4%

-11.3%

200,490

245,520

-18.3%

-10.8%

208,604

248,890

-16.2%

-9.5%

204,730

247,490

-17.3%

-10.3%

204,422

246,340

-17.0%

-10.2%

203,837

242,350

-15.9%

-10.3%

234,303

240,050

-2.4%

2.4%

229,589

229,510

0.0%

0.8%

231,683

241,550

-4.1%

2.3%

184,691

194,680

-5.1%

5.8%

249,307

215,910

15.5%

9.4%

249,759

216,840

15.2%

9.5%

248,266

251,790

-1.4%

9.2%

246,707

252,150

-2.2%

9.2%

246,917

214,610

15.1%

8.8%

263,696

267,440

-1.4%

6.5%

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

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Photon Energy N.V.

Monthly Report for April 2024

Project name

Unit

Kunszentmárton I No 2

Kunszentmárton II No 1

Kunszentmárton II No 2

Taszár 1

Taszár 2

Taszár 3

Monor 1

Monor 2

Monor 3

Monor 4

Monor 5

Monor 6

Monor 7

Monor 8

Tata 1

Tata 2

Tata 3

Tata 4

Tata 5

Tata 6

Tata 7

Tata 8

Malyi 1

Malyi 2

Malyi 3

Puspokladány 1

Puspokladány 2

Puspokladány 3

Puspokladány 4

Puspokladány 5

Puspokladány 6

Puspokladány 7

Puspokladány 8

Puspokladány 9

Puspokladány 10

Tolna

Facankert (Tolna 2)

Total Hungarian PP

Siria

Calafat 1

Calafat 2

Calafat 3

Aiud

Teius

Făget 1

Făget 2

Săhăteni

Magureni

Bocsa

Total Romanian PP2

Symonston

Leeton

Fivebough

Total Australian PP

Total

Capacity

Revenue Apr

kWp

per MWh,

697

120 EUR

693

120 EUR

693

120 EUR

701

120 EUR

701

120 EUR

701

120 EUR

688

120 EUR

696

120 EUR

696

120 EUR

696

120 EUR

688

120 EUR

696

120 EUR

696

120 EUR

696

120 EUR

672

120 EUR

676

120 EUR

667

120 EUR

672

120 EUR

672

120 EUR

672

120 EUR

672

120 EUR

672

120 EUR

695

120 EUR

695

120 EUR

695

120 EUR

1,406

120 EUR

1,420

56 EUR

1,420

55 EUR

1,406

53 EUR

1,420

62 EUR

1,394

120 EUR

1,406

120 EUR

1,420

51 EUR

1,406

120 EUR

1,420

55 EUR

1,358

54 EUR

1,358

55 EUR

51,814

110 EUR

5,691

69 EUR

2,890

69 EUR

1,935

69 EUR

1,203

69 EUR

4,730

68 EUR

4,730

68 EUR

3,178

68 EUR

3,931

68 EUR

7,112

69 EUR

1,698

70 EUR

3,788

68 EUR

40,886

69 EUR

144

212 EUR

7,261

45 EUR

7,261

48 EUR

14,666

47 EUR

132,791

151 EUR

Prod. Apr

Proj. Apr

Perf.

kWh

kWh

%

96,174

88,090

9.2%

97,309

83,180

17.0%

96,491

83,670

15.3%

98,829

82,220

20.2%

98,350

82,220

19.6%

98,425

82,220

19.7%

89,908

69,200

29.9%

90,104

93,140

-3.3%

91,036

95,340

-4.5%

89,936

96,440

-6.7%

90,487

98,180

-7.8%

90,465

97,560

-7.3%

90,739

97,590

-7.0%

90,381

96,960

-6.8%

100,512

99,110

1.4%

87,194

86,340

1.0%

86,980

86,360

0.7%

102,576

100,840

1.7%

100,901

90,250

11.8%

94,417

96,960

-2.6%

101,604

98,880

2.8%

102,734

100,970

1.7%

93,792

76,240

23.0%

93,849

76,370

22.9%

94,026

76,430

23.0%

131,296

175,130

-25.0%

135,914

177,460

-23.4%

132,399

175,390

-24.5%

91,365

175,210

-47.9%

76,712

178,760

-57.1%

130,398

173,920

-25.0%

129,708

174,740

-25.8%

93,786

175,620

-46.6%

104,457

175,060

-40.3%

131,453

175,740

-25.2%

129,349

192,160

-32.7%

134,337

188,090

-28.6%

6,149,082

6,614,970

-7.0%

1,006,832

890,500

13.1%

518,408

472,470

9.7%

351,300

318,750

10.2%

212,692

193,220

10.1%

695,580

709,560

-2.0%

719,760

726,950

-1.0%

531,280

497,410

6.8%

663,424

597,760

11.0%

1,134,416

1,117,050

1.6%

238,000

221,140

7.6%

669,024

574,060

16.5%

6,740,716

6,318,870

6.7%

10,200

11,280

-9.6%

1,100,340

922,548

19.3%

1,003,349

916,806

9.4%

2,113,889

1,850,634

14.2%

17,998,035

17,708,873

1.6%

YTD Prod.

YTD Proj.

Perf.

YTD YoY

kWh

kWh

%

%

260,776

256,240

1.8%

6.7%

267,542

253,410

5.6%

6.7%

266,840

260,950

2.3%

6.5%

264,883

279,660

-5.3%

11.5%

261,984

279,660

-6.3%

10.4%

261,967

279,660

-6.3%

10.6%

210,274

193,480

8.7%

-12.3%

208,693

260,440

-19.9%

-11.8%

212,342

266,580

-20.3%

-11.3%

209,501

269,640

-22.3%

-12.1%

211,833

274,520

-22.8%

-11.8%

211,221

272,790

-22.6%

-12.0%

211,932

272,870

-22.3%

-11.0%

211,271

271,110

-22.1%

-12.0%

199,537

248,700

-19.8%

-10.4%

202,824

237,570

-14.6%

-3.7%

204,878

237,840

-13.9%

-2.8%

217,705

253,050

-14.0%

-3.5%

214,446

239,790

-10.6%

-4.9%

208,028

243,320

-14.5%

-4.1%

215,657

247,060

-12.7%

0.1%

217,853

253,370

-14.0%

-0.8%

230,016

231,520

-0.6%

3.0%

231,724

232,440

-0.3%

3.5%

232,405

232,910

-0.2%

3.4%

361,521

492,070

-26.5%

-20.3%

374,328

518,130

-27.8%

-22.7%

363,212

511,720

-29.0%

-25.0%

321,425

500,440

-35.8%

-30.7%

316,105

524,450

-39.7%

-36.3%

355,267

502,720

-29.3%

-24.7%

255,366

508,010

-49.7%

-46.7%

325,038

511,430

-36.4%

-32.8%

279,650

508,600

-45.0%

-41.8%

358,510

511,850

-30.0%

-26.0%

458,778

540,590

-15.1%

-8.9%

473,626

510,740

-7.3%

-8.2%

15,552,632

18,758,040

-17.1%

-11.1%

2,275,296

2,229,540

2.1%

109.1%

1,251,387

1,232,990

1.5%

N/A

839,018

821,570

2.1%

N/A

509,725

496,230

2.7%

N/A

1,738,140

1,788,950

-2.8%

N/A

1,787,940

1,859,220

-3.8%

N/A

1,219,008

1,250,470

-2.5%

N/A

1,417,728

1,529,500

-7.3%

N/A

2,861,632

2,957,800

-3.3%

N/A

238,000

221,140

7.6%

N/A

1,210,512

1,252,760

-3.4%

N/A

15,348,386

15,640,169

-1.9%

109.1%

59,500

63,270

-6.0%

8.6%

5,259,064

5,007,288

5.0%

-6.2%

4,824,267

4,856,016

-0.7%

-6.3%

10,142,831

9,926,574

2.2%

-6.2%

48,266,178

51,746,342

-6.7%

34.0%

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

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Photon Energy N.V.

Notes:

Capacity: installed capacity of the power plant

Prod.: production in the reporting month - Proj.: projection in the reporting month

Perf.: performance of the power plant in reporting month i.e. (production in Month / projection for Month) - 1.

YTD Prod.: accumulated production year-to-date i.e. Jan- the end of the report. month.

Monthly Report for April 2024

YTD Proj.: accumulated projection year-to-date i.e. Jan - the end of the reporting month.

Perf. YTD: performance of the pp YTD i.e. (YTD prod. in 2024 / YTD proj. in 2024) - 1.

YTD YOY: (YTD Prod. in 2024 / YTD Prod. in 2023) - 1.

Chart 1.a Czech Portfolio Generation YTD 2024

in MWh

6,000

5,000

production

3,000

Cumulative

4,000

2,000

1,000

0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q1

April

Chart 1.c Hungarian Portfolio Generation YTD 2024

in MWh

25,000

20,000

production

15,000

Cumulative

10,000

5,000

0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q1

April

Chart 1.b Slovak Portfolio Generation YTD 2024

in MWh

4,000

3,000

production

2,000

Cumulative

1,000

0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q1

April

Chart 1.d Australian Portfolio Generation YTD 2024

in MWh

12,000

10,000

production

8,000

Cumulative

6,000

4,000

2,000

0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q1

April

3. Average Revenues Realised by Our Power Plants

The table below represents an estimation of average prices realised on sales of electricity from our generation assets. Estimates of revenues are based on the management reports and may deviate from final financial statements due to exchange rates.

Table 2. Estimated Revenues from Electricity Generation in April 2024

Portfolio

Unit

Czech Republic1

Slovakia1

Hungary2

Romania3

Australia4

Capacity

Prod. April

Avg. Revenue

April

MWp

MWh

EUR/MWh

15.0

1,825

638

10.4

1,169

263

51.8

6,149

110

40.9

6,741

69

14.7

2,114

47

Total Revenue April

In Euro thousand

1,164

308

677

462

99

YTD Avg.

Revenue

EUR/MWh, in 2024

639

263

85

76

68

YTD

Revenue

In Euro thousand

2,776

541

1,327

1,162

686

Total Portfolio

132.8

17,998

151

2,710139

6,494

  1. Slovakian and Czech power plants benefit from a fixed feed-in-tariff support. Slovak joint-ventures SK SPV 1 s.r.o., Solarpark Polianka s.r.o., and Solarpark Myjava s.r.o. are not pre- sented in the above table.
  2. As of 1 April 2024, power plants with capacity of 40.6 MWp in Hungary were receiving electricity from feed-in-tariff while 11.2 MWp were selling electricity under merchant model.
  3. All power plants in Romania sell electricity on merchant basis.
  4. In Australia realised revenue consists of market electricity price in NSW + Australian Large-scale Generation Certificate.

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4. Reporting on the Project Pipeline

Project development is a crucial activity in Photon Energy's business model of covering the entire value chain of PV power plants. The main objective of project development activities is to expand our PV proprietary portfolio, which provides recurring revenues and free cash flows to the Group. For financial or strategic reasons, we may decide to cooperate with third-party investors either on a joint- venture basis or with the goal of exiting the projects to such

investors entirely. Ownership of project rights provides us with a high level of control and allows locking in EPC (one-off) and O&M (long-term) services. As a result, project development is a key driver for our future growth. Our experience in project development and financing in various markets and jurisdictions is an important competitive advantage and mitigates the inherent risks related to project development.

Table 3. Projects under development as of the reporting date (DC capacity)*

Country

1. Feasibility*

2. Early

3. Advanced

4. Ready-to-build

5. Under

Total in MWp

development

development

technical

construction

Romania

8.4

90.3

61.7

36.1

10.7

207.2

Poland

252.5

16.8

20.41

-

-

289.7

Hungary

25.0

2.7

4.1

-

31.7

Australia

455.0

200.0

9.8

-

-

664.8

Total in MWp

740.9

307.1

94.6

40.1

10.7

1,193.4

*Development phases are described in the glossary available at the end of this chapter. Photon Energy refers to the installed DC capacity of projects expressed in Megawatt peak (MWp) in its reporting, which might fluctuate over the project development process.

**Projects in feasibility stage 1. are presented at AC capacity as DC is difficult to estimate at the early-stage of utility scale projects.

Chart 2. Project pipeline as of the reporting date, in MWp DC

1400

1,193 MWp

1200

1000

941 MWp

800

600

400

200

0

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

Australia

Hungary

Romania

Poland

Summary of the changes in the projects under development during the reporting month:

In Romania, the project pipeline declined by about 8.2 MWp compared to the last monthly report. Out of that about 6.5 MWp was removed as a result of receiving a negative response for the grid connection capacity request for projects at 1. Feasibility stage. Within April 2024, the power plant in Magureni with the capacity of 1.7 MWp was commissioned and hence moved from the project pipeline to IPP portfolio. Last, but not least, about 6.1 MWp of projects have progressed from the phase 3. Advanced development to phase 4. Ready-to-build technically. Last, not least,. In the case of projects Sarulesti (3.2 MWp) and Faget 3 (7.5 MWp) the commissioning process has been delayed due to DSO requirements for the reinforcement works related to the strengthening of the power line (Sarulesti) and grid connection works in the substation (Faget 3). According to the updated schedule, the final connection works and energis- ing of both power plants is expected to take place on the cusp between Q2 and Q3 2024, a few months later than initially ex- pected.

We continue the sale process for our largest utility-scale PV project in Romania, located in Gorj county, with a total capacity of 54 MWp. The duration of sales negotiations has extended due to changing market conditions, including the announcement of Romanian contract for difference (CfD) scheme and capex subsidy from EU modernization fund. Those regulatory opportunities will impact the solar market in Romania and consequently might delay the conclusion of our sales negotiations.

  • There were no changes in the project pipeline, in Hungary.
  • In Poland, the Company concluded a preliminary agreement for the sale of a photovoltaic project in Poland with a total ca- pacity of 20.4 MW. Those projects are still visible in stage 3. Advanced development. The conclusion of the final share pur- chase agreement will take place after meeting certain condi- tions precedent, including obtaining full ready-to-build status. The sale price reflects market value and payment will take place in two instalments - an advance payment in Q2 2024 and the closing payment expected in Q4 2024.
  • The pipeline in Australia is currently under revision.

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Table 4. Progress on Projects Ready-to-Build stage 4, as of the reporting date.

Country

Location

Dev.

Equity

MWp

Commercial

Land

Grid

Construction

Expected

Update on the project

phase

share

DC

Model

connection

permit

SoC1

Romania

Tamadu Mare-1

4

100%

4.1

Merchant/PPA

Secured

Secured

Secured

Q2 2024

Projects adheres to DSO schedule for grid reinforcement works

Romania

Tamadu Mare-2

4

100%

6.1

Merchant/PPA

Secured

Secured

Secured

Q2 2024

Projects adheres to DSO schedule for grid reinforcement works

Romania

Sannicolau Mare

4

100%

7.5

Merchant/PPA

Secured

Secured

Secured

Q2 2024

Project awaits DSO relocation of overhead cable prior to start of construction.

Romania

Guilvaz

4

100%

6.1

Merchant/PPA

Secured

Secured

Secured

Q2 2025

Project procurement in planning

Romania

Faget 4

4

100%

6.1

Merchant/PPA

Secured

Secured

Secured

Q2 2025

Project procurement in planning

Romania

Faget 5

4

100%

6.2

Merchant/PPA

Secured

Secured

Secured

Q2 2025

Project procurement in planning

Hungary

Tolna 2

4

100%

1.36

Merchant/PPA

Secured

Secured

Secured

Q2 2024

Construction date delayed due to DSO commissioning timeline.

Hungary

Tolna 3

4

100%

1.36

Merchant/PPA

Secured

Secured

Secured

Q2 2024

Construction date delayed due to DSO commissioning timeline.

Hungary

Tolna 5

4

100%

1.36

Merchant/PPA

Secured

Secured

Secured

Q2 2024

Construction date delayed due to DSO commissioning timeline.

TOTAL

40.1

1 SoC stands for expected start of construction date.

Table 5. Progress on projects under construction, as of the reporting date.

Country

Romania

Romania

TOTAL

Location

Sarulesti

Faget 3

Dev. phase

5

5

Equity

share

100%

100%

MWp DC

3.2

7.5

10.7

Commercial Model

Merchant/PPA

Merchant/PPA

Construction progress

98%

98%

Procurement

Site preparations

Substructures

Technology installed

Connection works

Comissioning

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Glossary of terms

Development phase 1: "Feasibility"

Development phase 2: "Early development"

Development phase 3: "Advanced development"

Development phase 4: "Ready-to-build technical"

Development phase 5: "Under construction"

DC and AC capacity

Definitions

LOI or MOU signed, location scouted and analyzed, working on land lease/purchase, environmental assessment and application for grid connection.

Signing of land option, lease or purchase agreement, Environmental assessment (environmental impact studies "EIS" for Australia), preliminary design.

Specific to Europe: Application for Grid capacity, start work on permitting aspects (construction, connection line, etc.).

Specific to Australia: community consultation, technical studies.

In Europe: Finishing work on construction permitting, Receiving of MGT (HU)/ATR (ROM) Letter, Finishing work on permitting for connection line, etc.

In Australia: Site footprint and layout finalised, Environmental Impact Statement and development application lodged. Grid connection studies and design submitted.

In Europe: Project is technical ready to build, we work on offtake model (if not FIT or auction), securing financing (inter-

nal/external). In Australia: Development application approved, offer to connect to grid received and detailed design com- menced. Financing and off-take models/arrangements (internal/external) under negotiation.

Procurement of components, site construction until the connection to the grid.

On top for Australian projects, signature of Financing and off-take agreements, reception of Construction certificate, conclusion of connection agreement, EPC agreement, Grid connection works agreements.

Electricity grids run on alternating current (AC). Solar modules produce direct current (DC), which is transformed into AC by inverters. Heat, cable lines, inverters and transformers lead to energy losses in the system between the solar modules and the grid connection point. Cumulatively system losses typically add up to 15-20%. Therefore, for a given grid connection capacity a larger module capacity (expressed in Watt peak - Wp) can be installed without exceeding the grid connection limit. At times of extremely high production, inverters can reduce the volume of electricity so that the plant stays within the grid connection limits.

5. Investor Calendar

The following investor reports will be published in 2024:

  • 14 June 2024: Monthly report for May 2024
  • 16 July 2024: Monthly report for June 2024
  • 14 August 2024: Monthly report for July 2024
  • 19 August 2024: Quarterly report for Q2 2024 / H1 2024
  • 13 September 2024: Monthly report for August 2024
  • 15 October 2024: Monthly report for September 2024
  • 15 November 2024: Monthly report for October 2024
  • 18 November 2024: Quarterly report for Q3 2024
  • 13 December 2024: Monthly report for November 2024

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6. Investor Relations Contact

E-mail: ir@photonenergy.com

Photon Energy N.V.

Barbara Strozzilaan 201

1083 HN Amsterdam

The Netherlands

Web: www.photonenergy.com

Amsterdam, 16 May 2024

Georg Hotar, Member of the Board of Directors

Michael Gartner, Member of the Board of Directors

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Photon Energy NV published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 16:38:18 UTC.