Annual CO2 Savings
In line with the our goal of adding over 500 MWp to our generation capacity before the end of 2024 and our new market strategy to develop and build PV power plants that operate competitively in the energy market, we committed to the development, design, installation and operation of an power plant near the town of Tolna in Central Hungary.
This installation, covering over 2.2 hectares of land, would be the first European utility-scale plant in our IPP portfolio operating on a merchant basis, selling electricity directly to the energy market, without governmental subsidies.
Our in-house team oversaw the development of the project, as well as engineering, procurement and construction.
Based on positive results on previous projects, bi-facial PV modules were used on the installation. These modules offer the advantage of additional power output ranging from 5 to 25%, depending on the site and its ground conditions. The modules were mounted on single-axis trackers supplied by a supplier we had successfully collaborated with on a previous project.
Sustainability is one of our core values, and one which our investors place great importance on. As such, the development and construction of this installation was funded through the proceeds of Photon Energy Group‘s recently listed green bond, applied under our green financing framework for sustainable investments.
With the successful commissioning of the Tolna power plant, we exceeded the 50 MWp milestone for our proprietary portfolio in Hungary. As our third merchant project globally and our first in Europe, this installation confirmed our ability to build utility-scale power plants that can operate competitively, selling energy on the national electricity market, without the need for government subsidies.
Our O&M team will handle the long-term monitoring, operations and maintenance for the 1.3 MWp installation, which will produce up to 2.1 GWh of clean energy annually. This level of energy production will generate a significant annual revenue for Photon Energy Group, not to mention represent an avoidance of approximately 24,570 tonnes of CO2 emissions per year.
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