Photon Energy N : Monthly Report for September 2021

Photon Energy N.V.

Monthly Report for September 2021

For the period from 1 to 30 September 2021

Photon Energy N.V.

Monthly Report for September 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 82.3 GWh of electricity produced YTD compared to 62.3 GWh one year ago (+32.2%), propelled by the addition of new Hungarian power plants over the past year (14.1 MWp added since September 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 33,544 tonnes of CO2 emissions year-to-date.

In September the proprietary portfolio outperformed the audits by 5.6%. Year-to-date the overall performance of the power plants in Photon Energy's portfolio remains in line with forecasts (-0.1%).

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

1.2 Update on the Hybrid Renewable Energy Project on Lord Howe Island

The Company designed and built a hybrid renewable energy project for the Lord Howe Island Board, responsible for the care, control and management of the island, a UNESCO World Heritage Site, is located in the Tasman Sea, 700 km north-east of Sydney. The ground-mounted solar PV and Powerpack system was specially designed for a remote location, and is integrated with the local microgrid and diesel generators, which previously formed the main source of power for the island community. In the long run the system was scaled to reduce diesel consumption by at least two thirds.

The system has now been supplying clean electricity to the island community for over six months, including stretches of up to five consecutive days and nights in August without any additional diesel-generated power. This is a clear demonstration of the reliability of solar PV and battery technology, even during the less sunny winter months. Real-time system production information is available online at:

http://photonscada.com/data/perspective/client/LHI.

The system is comprised of 3,240 photovoltaic modules with a combined capacity of 1.328 MWp connected to a 3.712 MWh Tesla Powerpack controlled by a Tesla Microgrid Controller. Through ARENA, the federal government provided AUD 4.5 million towards this AUD 11.1 million project. The Lord Howe Island Board secured a NSW Government loan of AUD 5.9 mil- lion, and has provided the balance of funds from its own capital.

This project represents the fourth collaboration between Photon Energy and RenCraft. The first installation was constructed in 2012 to power a wastewater treatment plant and a water supply company in Ruda Śląska. With an installed capacity of 311 kWp, it was the largest rooftop PV plant in Poland at the time.

1.4 Photon Energy Group Receives Prospectus Ap- proval for Its First Green Bond

After the reporting period, on 12 October, the Company received approval from the Commission de Surveillance du Secteur Financier (CSSF) of a prospectus prepared in connection with the public offer of its first Green Bond 2021/2027 (ISIN: DE000A3KWKY4) with a volume of up to EUR 50,000,000 due in November 2027. The 6-year Bond has a denomination of EUR 1,000 and offers an attractive 6.50% annual coupon with quarterly payments.

A public offer of the Bond will take place in Germany, Austria and Luxembourg through either the Subscription Box of the Frankfurt Stock Exchange or a Subscription Form available directly through the Company's website. Additionally, a private placement ad- dressed to qualified investors in certain European jurisdictions will be carried out by global co-ordinator Bankhaus Scheich Wertpa- pierspezialist AG. The public offer will begin on 2 November and finish on 17 November 2021.

As part of the offering process, the Company invites holders of the outstanding 7.75% EUR Bond 2017/2022 to exchange their current bonds at a 1:1 ratio for the new 6.50% Green EUR Bond 2021/2027. The exchange offer includes an attractive incentive in the amount of EUR 20 per bond - an additional 2.00% exchange bonus. The exchange period commences on 18 October 2021 and ends on 12 November 2021. Holders of the 7.75% EUR Bond 2017/2022 who wish to exchange their bonds should contact their depositary institution, who will provide them with the necessary documentation. The Company has published a list of FAQs for current and new investors at photonenergy.com/greenbond2021, where detailed information and the approved prospectus are also available.

Based on Photon Energy Group's proven track record of coupon payments and the sound liquidity of the outstanding bond, the new Green EUR Bond 2021/2027 presents an opportunity to lock into another attractive 6-year coupon. It will also allow investors to contribute to the development of sustainable, climate-friendly renewable energy projects.

The commencement of trading is scheduled for 23 November 2021 on the Open Market of the Frankfurt Stock Exchange.

1.3 Photon Energy - Rencraft consortium commis- sions 950 kWp PV power plant in Poland

The Company - as part of a RenCraft-led consortium - delivered a

0.95 MWp PV power plant to its client Miejskie Wodociągi i Kana- lizacja Sp. z o.o., an organisation responsible for the care, control and management of a wastewater treatment facility in Koszalin, Poland. The PLN 3.36 milion (EUR 0.73 million) project is helping the municipality to reduce the growing costs of energy from the grid.

The Company was contracted to design and build the PV system and will also provide maintenance services during the warranty period of 60 months from the commissioning date.

Bankhaus Scheich Wertpapierspezialist AG, Frankfurt am Main was appointed as Sole Global Coordinator for the private placement of the corporate green bond.

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 (217.6 MWp) and Poland (122.1 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 September 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 September 2021

Project name		Capacity		Feed-in-	Prod. 2021		Proj. 2021		Perf.			YTD Prod.		YTD Proj.		Perf.		YTD YoY
		Tariff/LGC		September		September
Unit		kWp		per MWh,	kWh		kWh		%			kWh		kWh	%	%
		in 2021
Komorovice		2,354		CZK 15,117			247,270		248,615		-0.5%			2,051,781		2,217,399		-7.5%		-10.4%
Zvíkov I		2,031		CZK 15,117			230,205		226,514		1.6%			1,904,580		2,030,284		-6.2%		-10.0%
Dolní Dvořiště		1,645		CZK 15,117			165,925		164,025		1.2%			1,420,364		1,474,011		-3.6%		-6.0%
Svatoslav		1,231		CZK 15,117			119,220		120,290		-0.9%			1,004,906		1,078,498		-6.8%		-8.7%
Slavkov		1,159		CZK 15,117			135,565		128,412		5.6%			1,146,887		1,179,958		-2.8%		-5.4%
Mostkovice SPV 1		210		CZK 15,117			21,850		20,727		5.4%			186,186		195,461		-4.7%		-6.2%
Mostkovice SPV 3		926		CZK 16,240			102,257		95,197		7.4%			849,706		871,731		-2.5%		-4.5%
Zdice I		1,499		CZK 15,117			160,146		160,629		-0.3%			1,407,534		1,488,365		-5.4%		-9.2%
Zdice II		1,499		CZK 15,117			165,090		153,470		7.6%			1,440,475		1,499,686		-3.9%		-8.6%
Radvanice		2,305		CZK 15,117			262,826		238,535		10.2%			2,126,808		2,224,491		-4.4%		-6.2%
Břeclav rooftop		137		CZK 15,117			15,300		15,159		0.9%			135,147		134,843		0.2%		-7.1%
Total Czech PP		14,996					1,625,654		1,571,573		3.4%		13,674,375		14,394,727		-5.0%		-8.0%
Babiná II		999		EUR 425.12			99,604		94,827		5.0%			859,493		866,300		-0.8%		-2.3%
Babina III		999		EUR 425.12			99,499		96,305		3.3%			873,349		877,277		-0.4%		-2.1%
Prša I.		999		EUR 425.12			108,197		105,376		2.7%			885,962		938,911		-5.6%		-3.8%
Blatna		700		EUR 425.12			67,994		69,984		-2.8%			636,163		643,081		-1.1%		-2.1%
Mokra Luka 1		963		EUR 382.61			123,492		114,631		7.7%			1,007,491		984,129		2.4%		-2.7%
Mokra Luka 2		963		EUR 382.61			125,785		117,395		7.1%			1,022,739		1,020,761		0.2%		-2.6%
Jovice 1		979		EUR 382.61			89,226		92,916		-4.0%			749,283		793,002		-5.5%		-6.0%
Jovice 2		979		EUR 382.61			88,206		92,082		-4.2%		744,156	784,358	-5.1%	-6.0%
Brestovec		850		EUR 382.61			102,997		101,873		1.1%			838,706		899,478		-6.8%		-10.9%
Polianka		999		EUR 382.61			99,753		96,781		3.1%			856,088		873,579		-2.0%		-4.1%
Myjava		999		EUR 382.61			113,107		108,601		4.1%			975,810		989,460		-1.4%		-6.1%
Total Slovak PP		10,429					1,117,860		1,090,771		2.5%		9,449,240		9,670,335		-2.3%		-4.5%
Tiszakécske 1		689		HUF 34,140			82,497		75,406		9.4%			744,149		729,038		2.1%		-3.3%
Tiszakécske 2		689		HUF 34,140			82,578		75,526		9.3%			746,233		732,070		1.9%		-3.4%
Tiszakécske 3			689		HUF 34,140			80,652		74,233		8.6%			727,238		717,996		1.3%		-3.6%
Tiszakécske 4			689		HUF 34,140			82,784		75,526		9.6%			748,916		732,070		2.3%		-3.2%
Tiszakécske 5		689		HUF 34,140			82,397		75,406		9.3%			702,228		729,038		-3.7%		-7.6%
Tiszakécske 6		689		HUF 34,140			82,367		75,526		9.1%			745,527		732,070		1.8%		-3.3%
Tiszakécske 7		689		HUF 34,140			82,433		75,378		9.4%		746,235	728,689	2.4%	-3.1%
Tiszakécske 8		689		HUF 34,140			81,638		75,285		8.4%			740,773		727,027		1.9%		-3.2%
Almásfüzitő 1		695		HUF 34,140			76,145		77,482		-1.7%			726,633		725,792		0.1%		-3.9%
Almásfüzitő 2		695		HUF 34,140			80,718		77,445		4.2%			717,459		725,383		-1.1%		-3.0%
Almásfüzitő 3		695		HUF 34,140			80,254		77,305		3.8%		714,262	722,959	-1.2%	-1.7%
Almásfüzitő 4			695		HUF 34,140			83,392		77,592		7.5%			738,647		727,061		1.6%		-3.0%
Almásfüzitő 5			695		HUF 34,140			83,626		77,352		8.1%			746,209		723,745		3.1%		-2.9%
Almásfüzitő 6			660		HUF 34,140			83,214		74,016		12.4%			742,572		696,132		6.7%		-2.7%
Almásfüzitő 7			691		HUF 34,140			83,270		76,866		8.3%			741,260		719,621		3.0%		-2.9%
Almásfüzitő 8			668		HUF 34,140			83,819		74,894		11.9%			744,927		703,949		5.8%		-2.8%
Nagyecsed 1			689		HUF 34,140			77,689		76,311		1.8%			729,134		714,086		2.1%		-3.3%
Nagyecsed 2		689		HUF 34,140			77,205		76,311		1.2%			730,604		714,086		2.3%		-2.9%
Nagyecsed 3		689		HUF 34,140			77,566		76,459		1.4%		732,188	714,913	2.4%	-3.5%
Fertod I		528		HUF 34,140			66,236		55,806		18.7%			580,285		533,373		8.8%		-5.5%
Fertod II No 2		699		HUF 34,140			88,841		76,718		15.8%			746,228		725,702		2.8%		-5.0%
Fertod II No 3		699		HUF 34,140			88,897		76,718		15.9%			759,429		725,702		4.6%		-3.4%
Fertod II No 4	699		HUF 34,140	88,693		76,718		15.6%	752,740	725,702	3.7%	-3.9%

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 September 2021
Project name		Capacity		Feed-in-Tariff/LGC		Prod. 2021		Proj. 2021		Perf.			YTD Prod.		YTD Proj.		Perf.		YTD YoY
		September		September
Unit		kWp		per MWh,	kWh		kWh		%			kWh		kWh	%	%
		in 2021
Fertod II No 5		691		HUF 34,140			88,221		76,903		14.7%			755,414		728,183		3.7%		-3.3%
Fertod II No 6		699		HUF 34,140			88,206		76,718		15.0%			754,280		725,702		3.9%		-3.1%
Kunszentmárton I No 1		697		HUF 34,140			85,635		80,469		6.4%			771,605		763,309		1.1%		-2.4%
Kunszentmárton I No 2		697		HUF 34,140			84,723		80,459		5.3%			768,908		763,368		0.7%		-2.6%
Kunszentmárton II No 1		693		HUF 34,140			87,393		80,740		8.2%			785,832		740,679		6.1%		84.7%
Kunszentmárton II No 2		693		HUF 34,140			88,027		80,641		9.2%			789,322		740,780		6.6%		60.6%
Taszár 1		701		HUF 34,140			85,451		79,564		7.4%			750,937		755,786		-0.6%		-4.7%
Taszár 2		701		HUF 34,140			85,412		79,564		7.3%			754,914		755,786		-0.1%		-5.0%
Taszár 3		701		HUF 34,140			85,366		79,564		7.3%			761,060		755,786		0.7%		-3.8%
Monor 1		688		HUF 34,140			84,578		78,087		8.3%			760,454		740,333		2.7%		-0.1%
Monor 2		696		HUF 34,140			84,167		76,985		9.3%			751,357		747,789		0.5%		-1.8%
Monor 3		696		HUF 34,140			84,708		76,985		10.0%			753,426		747,789		0.8%		-1.4%
Monor 4		696		HUF 34,140			84,554		76,985		9.8%			757,835		747,789		1.3%		-1.6%
Monor 5		688		HUF 34,140			84,515		77,541		9.0%			757,704		737,497		2.7%		-2.0%
Monor 6		696		HUF 34,140			84,295		76,985		9.5%			756,627		747,789		1.2%		-2.2%
Monor 7		696		HUF 34,140			84,012		76,985		9.1%			758,071		747,789		1.4%		-3.3%
Monor 8			696		HUF 34,140			84,863		76,985		10.2%			756,629		747,789		1.2%		-2.0%
Tata 1		672		HUF 34,140			88,267		79,994		10.3%			804,124		821,432		-2.1%		5.6%
Tata 2		676		HUF 34,140			79,064		73,794		7.1%		700,836	721,575	-2.9%	6.9%
Tata 3		667		HUF 34,140			79,335		72,368		9.6%			701,335		706,977		-0.8%		3.8%
Tata 4		672		HUF 34,140			90,556		82,156		10.2%		815,682	840,435	-2.9%	6.2%
Tata 5		672		HUF 34,140			90,031		82,461		9.2%			769,736		843,153		-8.7%		-0.3%
Tata 6		672		HUF 34,140			88,375		80,985		9.1%			809,494		830,291		-2.5%		3.7%
Tata 7		672		HUF 34,140			87,945		80,050		9.9%			804,708		821,951		-2.1%		4.1%
Tata 8		672		HUF 34,140			89,458		81,401		9.9%			821,024		833,917		-1.5%		7.3%
Malyi 1		695		HUF 34,140			81,181		74,057		9.6%			725,100		720,990		0.6%		51.0%
Malyi 2		695		HUF 34,140			81,447		74,133		9.9%			727,970		721,806		0.9%		53.1%
Malyi 3		695		HUF 34,140			81,663		74,133		10.2%			728,149		721,806		0.9%		50.7%
Puspokladány 1		1,406		HUF 34,140			180,629		171,841		5.1%			1,737,336		1,727,153		0.6%		na
Puspokladány 2		1,420		HUF 34,140			185,570		166,519		11.4%			1,768,095		1,688,439		4.7%		na
Puspokladány 3		1,420		HUF 34,140			185,062		162,293		14.0%			1,749,674		1,651,807		5.9%		na
Puspokladány 4		1,406		HUF 34,140			180,576		170,661		5.8%			1,742,449		1,715,751		1.6%		na
Puspokladány 5		1,420		HUF 34,140			189,233		166,059		14.0%			1,783,448		1,685,533		5.8%		na
Puspokladány 6		1,394		HUF 34,140			182,120		168,365		8.2%		1,728,277	1,704,655	1.4%		na
Puspokladány 7		1,406		HUF 34,140			180,838		170,558		6.0%			1,741,728		1,714,950		1.6%		na
Puspokladány 8		1,420		HUF 34,140			184,469		162,800		13.3%		1,753,071	1,656,563	5.8%		na
Puspokladány 9		1,406		HUF 34,140			180,457		170,456		5.9%			1,680,154		1,714,158		-2.0%		na
Puspokladány 10		1,420		HUF 34,140			184,482		162,136		13.8%			1,751,557		1,650,594		6.1%		na
Total Hungarian PP	49,098					6,101,797		5,589,661		9.2%	55,592,200	54,614,092	1.8%	48.6%
Symonston		144		AUD 301.60			14,780		14,161		4.4%			115,933		116,706		-0.7%		5.7%
Leeton		7,300		AUD 24 + 41*			1,103,000		1,043,755		5.7%			1,715,720		1,714,802		0.1%		na
Fivebough		7,300		AUD 24 + 41*			1,103,000		1,166,140		-5.4%			1,754,570		1,883,695		-6.9%		na
Total Australian PP	14,744					2,220,780		2,224,056		-0.1%	3,586,223	3,715,204	-3.5%		nm
Total		89,267					11,066,091		10,476,060		5.6%		82,302,038		82,394,359		-0.1%		32.2%

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.

• Average electricity price during the reporting period + Large-scale Gener- ation Certificate spot closing price at the end of the reporting period.
  .

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	16,000
14,000
production	12,000
10,000
Cumulative	8,000
6,000
	4,000

2,000

0

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

Monthly Report for September 2021

Chart 1.b Total production of the Slovak portfolio

MWhin	16,000
14,000
production	12,000
10,000
Cumulative	8,000
6,000

4,000

2,000

0

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

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 September

Chart 2. Generation results versus forecast between 1 January 2017 and 30 September 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 2017 and 30 September 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 82.3 GWh of electricity produced YTD compared to 62.3 GWh one year ago (+32.2%), propelled by the addition of new Hungarian power plants over the past year (14.1 MWp added since September 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 33,544 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