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 and gridconnected two PV power plants with a combined capacity of 2.8 MWpin the town of Püspökladány, Hungary. At the same location theCompany is currently at an advanced stage of building another eightPV power plants with a combined capacity of 11.3 MWp.
This latest addition expands the Group's installed base inHungary to 37.8 MWp and its global proprietary portfolio of powerplants to 63.4 MWp.
The grid connection of another six power plants is scheduled totake place at the end of October 2020, with the remaining two powerplants expected to be commissioned at the end of November2020.
The two new power plants extend over 4.3 hectares and areconnected to the grid of E.ON Tiszántúli Áramhálózati Zrt. Togetherthey are expected to generate around 4.1 GWh of electricity peryear.
‘We are very proud to commission the first two of ten powerplants in the location of Püspökladány, Hungary. Along with ourfirst 14 MWp merchant project in the Australian market, which isscheduled to be grid connected before the end of this year, thesetwo new and the additional eight yet-to-be-commissioned additionswill expand our Hungarian and global PV portfolio of power plantsto 49.1 MWp and 88.6 MWp, respectively, by the end of 2020,’ saidGeorg Hotar, CEO of Photon Energy.
The Group will operate the new power plants through two whollyowned project companies, each of which possesses a METÁR license.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. EUR93 per MWh). Both power plants are entitled to a maximum approvedand supported production of approximately 38,400 MWh per licenseover a period of 17 years and 11 months
The valuation model for the Group’s proprietary portfolio inaccordance with IAS 16 implies that other comprehensive income ofapproximately EUR 0.9 million will be recorded in the Group’s Q42020 Consolidated Income Statement in relation to thecommissionoing of the two PV power plants.
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