Photon Energy N : Monthly Report for August 2021

Photon Energy N.V.

Monthly Report for August 2021

For the period from 1 to 31 August 2021

Photon Energy N.V.

Monthly Report for August 2021

1. Information on the occurrence of trends and events in the market environment of the

Issuer, which in the Issuer's opinion may have important consequences in the future for the financial condition and results of the Issuer

1.1 Production results of Photon Energy's power plants in the reporting period

The Company reports 71.2 GWh of electricity produced YTD compared to 55.0 GWh one year ago (+29.5%), propelled by the addition of new Hungarian power plants over the past year (14.1 MWp added since August 2020) and of our two utility-scale PV power plants in Leeton, Australia (14.6 MWp connected to the grid in August 2021). This represents an avoidance of 28,561 tonnes of CO2 emissions year-to-date.

Year-to-date the overall performance of the power plants in Photon Energy's portfolio is still in line with forecasts (-0.9%), even though the proprietary portfolio underperformed the audits by 7.9% in August.of

For more information, please refer to chapter 2. Proprietary PV power plants.

1.2 Photon Energy commissioned 14.6 MWp Utility- scale Solar Farms in Australia

During the reporting period, the Company announced that it has commissioned its first two utility-scale photovoltaic (PV) power plants in Australia, with a combined capacity of 14.6 MWp. Located in Leeton, New South Wales, the two facilities expand the Group's installed base in Australia to 14.7 MWp, and its total proprietary portfolio of PV power plants to 89.3 MWp.

The municipality of Leeton is located in the heart of the Murrum- bidgee Irrigation Area, famous for the production of wine and citrus fruits. It is also an area of significant energy use; energy which has traditionally been generated by large coal power plants located hundreds of kilometres away.

Representing the first Australian utility-scale PV power plants in the Group's IPP portfolio, both solar farms use bi-facial PV modules mounted on single-axis trackers, and are connected to the grid owned and operated by Essential Energy as a non-scheduled generator. The plants are expected to produce approximately 27.8 GWh of clean electricity per year.

The electricity is sold on the National Electricity Market on a merchant basis, as well as the Large Generation Certificates (LGCs) generated by the plant. This means no power purchase agreements (PPAs) have been entered into by the Company. However, they may play a role in the plants' future revenue man- agement strategy, alongside other hedging options.

Photon Energy developed the projects in-house and delivered engineering, procurement and construction services through its

subsidiary Photon Energy Engineering Australia Pty Ltd. The Group's subsidiary Photon Energy Operations Australia Pty Ltd provides long-term monitoring and operations and maintenance services to both power plants.

1.3 Extraordinary General Meeting held on 5 August

On 5 August 2021, the Company held an Extraordinary General Meeting which voted in favour to amend the qualified majority to limit or exclude pre-emptive rights or to designate the management board competent to limit or exclude pre-emptive rights. The adoption of such a resolution now requires a majority of at least 80% of the votes cast. Prior to that date, such a resolution had to be adopted by an absolute majority of the votes cast or a majority of at least two thirds of the votes cast, in case less than half of the issued share capital is represented at the general meeting.

1.4 Photon Energy considers new bond issuance

Shortly after the reporting period, the Company announced its intention to issue a new corporate bond, initially to be offered by way of an exchange offer to holders of the existing 7.75% 2017/2022 bond (DE000A19MFH4) which will mature on 27 October 2022. The new bonds not subscribed by existing bond- holders would then be offered by way of a public offering and a private placement to qualified investors in the Federal Republic of Germany, the Republic of Austria, the Grand Duchy of Luxem- bourg and potentially further Central European countries.

Whether and to what extent the bonds will be issued will depend on the outcome of a pre-sounding with selected institutional investors and the then-prevailing market conditions.

Bankhaus Scheich Wertpapierspezialist AG, Frankfurt am Main, has been mandated as Sole Global Coordinator to organise the pre-sounding activities and to manage the potentially ensuing bond transaction.

1.5 Reporting on Photon Energy's project pipeline

Photon Energy is currently developing PV projects in Australia (160.0 MWp), Hungary (96.5 MWp), Romania (226.2 MWp) and Poland (115.8 MWp), and is evaluating further markets for oppor- tunities.

For detailed information, please refer to chapter 3 "Reporting on Photon Energy's project pipeline".

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	2/12

Photon Energy N.V.

Monthly Report for August 2021

2. Proprietary PV power plants

The table below represents power plants owned directly or indirectly by Photon Energy N.V. as of the date of the report.

Table 1. Production results in August 2021

Project name		Capacity		Feed-in-Tariff	Prod. 2021		Proj. 2021		Perf.			YTD Prod.		YTD Proj.		Perf.		YTD YoY
		August		August
Unit		kWp		per MWh,	kWh		kWh		%			kWh		kWh	%	%
		in 2021
Komorovice		2,354		CZK 15,117			255,026		316,400		-19.4%			1,804,511		1,968,785		-8.3%		-11.4%
Zvíkov I		2,031		CZK 15,117			227,829		283,472		-19.6%			1,674,375		1,803,770		-7.2%		-10.8%
Dolní Dvořiště		1,645		CZK 15,117			181,023		213,382		-15.2%			1,254,439		1,309,986		-4.2%		-6.7%
Svatoslav		1,231		CZK 15,117			127,148		162,603		-21.8%			885,686		958,208		-7.6%		-9.5%
Slavkov		1,159		CZK 15,117			140,814		166,949		-15.7%			1,011,322		1,051,547		-3.8%		-6.8%
Mostkovice SPV 1		210		CZK 15,117			23,310		27,479		-15.2%			164,336		174,734		-6.0%		-7.9%
Mostkovice SPV 3		926		CZK 16,240			106,532		123,170		-13.5%			747,449		776,534		-3.7%		-6.2%
Zdice I		1,499		CZK 15,117			176,665		204,364		-13.6%			1,247,388		1,327,736		-6.1%		-9.4%
Zdice II			1,499		CZK 15,117			178,416		206,153		-13.5%			1,275,385		1,346,215		-5.3%		-8.9%
Radvanice		2,305		CZK 15,117			276,433		317,368		-12.9%			1,863,983		1,985,956		-6.1%		-8.6%
Břeclav rooftop		137		CZK 15,117			16,424		15,842		3.7%			119,847		119,685		0.1%		-7.9%
Total Czech PP		14,996					1,709,620		2,037,181		-16.1%		12,048,721		12,823,154		-6.0%		-9.0%
Babiná II		999		EUR 425.12			116,139		131,247		-11.5%			759,889		771,474		-1.5%		-2.8%
Babina III		999		EUR 425.12			115,391		134,115		-14.0%			773,849		780,972		-0.9%		-2.4%
Prša I.		999		EUR 425.12			124,478		140,588		-11.5%			777,765		833,535		-6.7%		-4.7%
Blatna		700		EUR 425.12			85,907		93,841		-8.5%			568,170		573,097		-0.9%		-2.2%
Mokra Luka 1		963		EUR 382.61			128,427		142,006		-9.6%			883,999		869,497		1.7%		-4.8%
Mokra Luka 2		963		EUR 382.61			129,085		142,898		-9.7%			896,954		903,366		-0.7%		-4.1%
Jovice 1		979		EUR 382.61			104,275		118,636		-12.1%			660,057		700,086		-5.7%		-6.9%
Jovice 2		979		EUR 382.61			103,533		118,760		-12.8%			655,950		692,276		-5.2%		-7.1%
Brestovec		850		EUR 382.61			112,835		127,171		-11.3%			735,709		797,605		-7.8%		-12.6%
Polianka		999		EUR 382.61			114,946		130,778		-12.1%		756,335	776,798	-2.6%	-5.3%
Myjava		999		EUR 382.61			124,866		142,021		-12.1%			862,703		880,859		-2.1%		-7.4%
Total Slovak PP		10,429					1,259,882		1,422,061		-11.4%		8,331,380		8,579,565		-2.9%		-5.6%
Tiszakécske 1		689		HUF 34,140			100,755		101,592		-0.8%			661,652		653,632		1.2%		-3.0%
Tiszakécske 2		689		HUF 34,140			100,800		101,724		-0.9%			663,655		656,544		1.1%		-3.1%
Tiszakécske 3		689		HUF 34,140			99,851		100,972		-1.1%		646,585	643,763	0.4%	-3.4%
Tiszakécske 4		689		HUF 34,140			100,800		101,724		-0.9%			666,132		656,544		1.5%		-3.0%
Tiszakécske 5		689		HUF 34,140			100,620		101,592		-1.0%		619,831	653,632	-5.2%	-7.8%
Tiszakécske 6			689		HUF 34,140			100,646		101,724		-1.1%			663,160		656,544		1.0%		-3.0%
Tiszakécske 7			689		HUF 34,140			100,712		101,562		-0.8%			663,802		653,311		1.6%		-2.7%
Tiszakécske 8		689		HUF 34,140			100,071		101,457		-1.4%		659,135	651,742	1.1%	-2.9%
Almásfüzitő 1		695		HUF 34,140			92,987		99,877		-6.9%			650,488		648,310		0.3%		-2.4%
Almásfüzitő 2			695		HUF 34,140			92,958		99,838		-6.9%			636,742		647,938		-1.7%		-2.4%
Almásfüzitő 3			695		HUF 34,140			91,756		99,692		-8.0%			634,008		645,654		-1.8%		-0.9%
Almásfüzitő 4			695		HUF 34,140			95,485		99,991		-4.5%			655,254		649,469		0.9%		-2.4%
Almásfüzitő 5			695		HUF 34,140			95,647		99,739		-4.1%			662,583		646,393		2.5%		-2.4%
Almásfüzitő 6		660		HUF 34,140			95,683		95,854		-0.2%			659,358		622,115		6.0%		-2.4%
Almásfüzitő 7		691		HUF 34,140			95,750		99,177		-3.5%			657,990		642,756		2.4%		-2.5%
Almásfüzitő 8		668		HUF 34,140			96,507		96,870		-0.4%		661,108	629,055	5.1%	-2.3%
Nagyecsed 1		689		HUF 34,140			99,189		100,199		-1.0%			651,445		637,775		2.1%		-2.1%
Nagyecsed 2		689		HUF 34,140			98,977		100,199		-1.2%			653,399		637,775		2.4%		-1.7%
Nagyecsed 3			689		HUF 34,140			99,478		100,360		-0.9%			654,622		638,454		2.5%		-2.4%
Fertod I			528		HUF 34,140			71,310		72,477		-1.6%			514,050		477,567		7.6%		-6.0%
Fertod II No 2			699		HUF 34,140			94,408		99,011		-4.6%			657,388		648,985		1.3%		-5.5%
Fertod II No 3			699		HUF 34,140			92,691		99,011		-6.4%			670,531		648,985		3.3%		-3.6%
Fertod II No 4			699		HUF 34,140		92,863		99,011		-6.2%		664,048		648,985		2.3%		-4.3%

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	3/12

Photon Energy N.V.																Monthly Report for August 2021
Project name		Capacity		Feed-in-Tariff		Prod. 2021		Proj. 2021		Perf.			YTD Prod.		YTD Proj.		Perf.		YTD YoY
		August		August
Unit		kWp		per MWh,	kWh		kWh		%			kWh		kWh	%	%
		in 2021
Fertod II No 5		691		HUF 34,140			93,621		98,132		-4.6%			667,193		651,280		2.4%		-3.6%
Fertod II No 6		699		HUF 34,140			93,136		99,011		-5.9%			666,074		648,985		2.6%		-3.4%
Kunszentmárton I No 1		697		HUF 34,140			102,690		107,454		-4.4%			685,970		682,839		0.5%		-2.4%
Kunszentmárton I No 2		697		HUF 34,140			102,639		107,459		-4.5%			684,185		682,909		0.2%		-1.9%
Kunszentmárton II No 1		693		HUF 34,140			104,633		110,252		-5.1%			698,439		659,939		5.8%		110.6%
Kunszentmárton II No 2		693		HUF 34,140			105,353		110,154		-4.4%			701,295		660,139		6.2%		76.6%
Taszár 1		701		HUF 34,140			95,185		99,470		-4.3%			665,486		676,222		-1.6%		-4.9%
Taszár 2		701		HUF 34,140			98,659		99,470		-0.8%			669,502		676,222		-1.0%		-4.9%
Taszár 3		701		HUF 34,140			99,433		99,470		0.0%			675,694		676,222		-0.1%		-3.4%
Monor 1		688		HUF 34,140			98,299		104,061		-5.5%			675,876		662,247		2.1%		0.7%
Monor 2		696		HUF 34,140			98,724		104,311		-5.4%			667,190		670,804		-0.5%		-1.0%
Monor 3		696		HUF 34,140			98,727		104,311		-5.4%			668,718		670,804		-0.3%		-0.8%
Monor 4		696		HUF 34,140			99,207		104,311		-4.9%			673,282		670,804		0.4%		-0.9%
Monor 5		688		HUF 34,140			98,340		103,653		-5.1%			673,189		659,956		2.0%		-1.4%
Monor 6		696		HUF 34,140			98,843		104,311		-5.2%			672,332		670,804		0.2%		-1.5%
Monor 7		696		HUF 34,140			99,563		104,311		-4.6%			674,060		670,804		0.5%		-2.5%
Monor 8			696		HUF 34,140			98,346		104,311		-5.7%			671,766		670,804		0.1%		-1.5%
Tata 1		672		HUF 34,140			107,017		119,470		-10.4%			715,856		741,438		-3.5%		7.1%
Tata 2		676		HUF 34,140			90,214		100,254		-10.0%		621,772	647,781	-4.0%	8.9%
Tata 3		667		HUF 34,140			90,855		98,532		-7.8%			622,000		634,609		-2.0%		5.3%
Tata 4		672		HUF 34,140			108,808		122,276		-11.0%		725,126	758,279	-4.4%	7.5%
Tata 5		672		HUF 34,140			107,236		122,682		-12.6%			679,704		760,692		-10.6%		0.4%
Tata 6		672		HUF 34,140			106,987		120,807		-11.4%			721,119		749,307		-3.8%		5.1%
Tata 7		672		HUF 34,140			107,698		119,552		-9.9%			716,763		741,901		-3.4%		5.4%
Tata 8		672		HUF 34,140			109,511		121,318		-9.7%			731,565		752,516		-2.8%		9.0%
Malyi 1		695		HUF 34,140			92,324		101,312		-8.9%			643,919		646,934		-0.5%		63.2%
Malyi 2		695		HUF 34,140			93,901		101,405		-7.4%			646,523		647,674		-0.2%		65.9%
Malyi 3		695		HUF 34,140			93,980		101,405		-7.3%			646,486		647,674		-0.2%		62.8%
Puspokladány 1		1,406		HUF 34,140			229,402		250,904		-8.6%			1,556,708		1,555,311		0.1%		na
Puspokladány 2		1,420		HUF 34,140			241,130		248,219		-2.9%			1,582,525		1,521,920		4.0%		na
Puspokladány 3		1,420		HUF 34,140			234,244		243,540		-3.8%			1,564,612		1,489,514		5.0%		na
Puspokladány 4		1,406		HUF 34,140			235,247		249,029		-5.5%			1,561,873		1,545,090		1.1%		na
Puspokladány 5		1,420		HUF 34,140			239,605		247,714		-3.3%			1,594,215		1,519,474		4.9%		na
Puspokladány 6		1,394		HUF 34,140			230,734		249,564		-7.5%		1,546,157	1,536,290	0.6%		na
Puspokladány 7		1,406		HUF 34,140			235,224		248,890		-5.5%			1,560,890		1,544,392		1.1%		na
Puspokladány 8		1,420		HUF 34,140			235,946		244,140		-3.4%		1,568,602	1,493,763	5.0%		na
Puspokladány 9		1,406		HUF 34,140			235,108		248,756		-5.5%			1,499,697		1,543,702		-2.9%		na
Puspokladány 10		1,420		HUF 34,140			235,845		243,356		-3.1%			1,567,075		1,488,457		5.3%		na
Total Hungarian PP		49,098					7,356,360		7,741,232		-5.0%		49,490,403		49,024,432		1.0%		50.6%
Symonston		144		AUD 301.60			11,638		10,836		7.4%			101,153		102,545		-1.4%		6.2%
Leeton		7,300		AUD 63,03			612,720		671,047		-8.7%		612,720	671,047	-8.7%		na
Fivebough		7,300		AUD 63,03			651,570		717,555		-9.2%			651,570		717,555		-9.2%		na
Total Australian PP	14,744					1,275,928		1,399,438		-8.8%	1,365,443	1,491,148	-8.4%		nm
Total		89,267					11,601,790		12,599,913		-7.9%		71,235,947		71,918,299		-0.9%		29.5%

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. from January until the end of the reporting month.

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

Perf. YTD: performance of the power plant year-to-date i.e. (YTD prod. in 2021 / YTD proj. in 2021) - 1

YTD YOY: (YTD Prod. in 2021 / YTD Prod. in 2020) - 1.

.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	4/12

Photon Energy N.V.

Chart 1.a Total production of the Czech portfolio

MWhin	14,000
12,000
production	10,000
8,000
Cumulative	6,000
2,000
	4,000
	0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Q1 Q2 July August

Monthly Report for August 2021

Chart 1.b Total production of the Slovak portfolio

10,000

MWh	8,000
in
production	6,000
Cumulative	4,000
2,000
	0

2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
				Q1		Q2		July		August

Chart 1.c Total production of Hungarian portfolio

Cumulative production in MWh

60,000

50,000

40,000

30,000

20,000

10,000

0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 Q2 July August

Chart 2. Generation results versus forecast between 1 January 2016 and 31 August 2021

	14.0
	12.0
	10.0
MWh	8.0
6.0
	4.0
	2.0
	0.0

Actual generation		Generation forecast

Chart 3. Specific Performance Ratio between 1 January 2016 and 31 August 2021

120%	200
90%	150
60%	100
30%	50
0%	0
-30%	-50
-60%	-100
-90%	-150
-120%	-200

SPR = Generation (kWh) / Installed capacity (kWp)		Change y-o-y (%)

Specific Performance Ratio is a measure of efficiency which shows the amount of kWh generated per 1 kWp of installed capacity and enables the simple comparison of year-on-year results and seasonal fluctuations during the year.

The Company reports 71.2 GWh of electricity produced YTD compared to 55.0 GWh one year ago (+29.5%), propelled by the addition of new Hungarian power plants over the past year (14.1 MWp added since August 2020) and of our two utility-scale PV

power plants in Leeton, Australia (14.6 MWp connected to the grid in August 2021). This represents an avoidance of 28,561 tonnes of CO2 emissions year-to-date.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	5/12