Photon Energy N.V. (WSE: PEN, the 'Group' or'Company') announces that Photon Energy Solutions HU Kft.,the Group's Hungarian subsidiary dedicated to engineering,procurement and construction (EPC) services, has completed andgrid-connected six PV power plants, with a combined capacity of 8.5MWp, in the town of Püspökladány, Hungary.
In total, there will be ten power plants constructed andcommissioned by the group in Püspökladány. On 12 October 2020, theCompany grid-connected two power plants in the municipality, with acombined capacity of 2.8 MWp. Another two, which will also have acombined capacity of 2.8 MWp, are in the final stages ofconstruction and are set to be grid-connected in November 2020.
The six new power plants extend over 11.9 hectares and areconnected to the grid of E.ON Tiszántúli Áramhálózati Zrt. Togetherthey are expected to generate around 12.1 GWh of electricity peryear. They expand the Group's current installed base in Hungaryto 46.3 MWp, and its global proprietary portfolio of power plantsto 71.9 MWp.
‘We are very excited to commission another six power plants inPüspökladány and we are proud that even in these unprecedentedtimes, under the shadow of the pandemic, our dedicated team safelymanaged to stay right on schedule, taking Photon Energy one stepcloser to the goal of 75 MWp of PV power plants in Hungary withinour proprietary portfolio by the end of 2021,’ said Georg Hotar,CEO of Photon Energy.
The Group will operate the six new power plants through fourwholly-owned project companies that possess six METÁR licenses.These licenses entitle each power plant to a de facto feed-intariff (in the form of electricity sales on the energy spot marketplus a contract-for-difference) of HUF 33,360 per MWh (approx. EUR91 per MWh). Three of the six power plants are entitled to amaximum approved and supported production of approximately 34,800MWh per license over a period of 17 years and 11 months 15 yearsand 5 monthsfor each license. The combined annual revenues of thesix power plants are expected to be EUR 1.1 million.
The valuation model for the Group’s proprietary portfolio, inaccordance with IAS 16, implies that other comprehensive income ofapproximately EUR 2.7 million will be recorded in the Group’s Q42020 Consolidated Income Statement in relation to the commissioningof the six power plants.
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