Photon Energy Connects 7.5 MWp Solar PV Power Plant to Grid in Romania

• The Company has completed and grid-connected an additional power plant in Romania with a generation capacity of 7.5 MWp located near Făget in Timiș County
  
  
• The Făget 3 power plant is the largest in the Group’s IPP portfolio to date and brings the number of operating plants to 100
  
  
• The total annual production of the power plant is expected to be around 11.1 GWh, equivalent to 7.9% of the total 2023 generation of the Group’s IPP portfolio
  
  
• The Company expects to book approximately EUR 2.5 million in other comprehensive income in its Consolidated Statement for Q3 2024, which will positively impact the Group’s consolidated equity

Amsterdam/Bucharest – 16 September 2024 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (“Photon Energy Group” or “the Company”) announces that Photon Energy Engineering Romania S.R.L. – the Group’s Romanian subsidiary dedicated to engineering, procurement and construction (EPC) services – has completed and grid-connected another photovoltaic (PV) power plant in the Romanian market. The power plant has a generation capacity of 7.5 MWp.

“We are proud to have expanded our portfolio of operating solar PV assets by an additional 7.5 MWp in Romania,” said Georg Hotar, CEO of Photon Energy Group. “This latest addition is particularly exciting as it’s our largest to date. It rounds our portfolio expansion in Romania up to a total of twelve power plants with a total installed capacity of 48.4 MWp and increases our global total to 100 units and the combined capacity to 140.3 MWp.”

Located near Făget (Timiș County), the power plant extends over 9.1 hectares of greenfield land and is equipped with a total of 12,216 high-efficiency bifacial PV modules mounted on single-axis trackers. This is our third PV power plant in this location, with a total installed capacity of 14.6 MWp.

The total annual production of the new power plant is expected to be around 11.1 GWh, which is equivalent to 7.9% of the production of the Group’s proprietary portfolio last year. The Făget 3 PV power plant will deliver clean energy to the grid managed by Rețele Electrice Banat. The electricity generated will be sold on the energy market on a merchant basis, without any governmental support or a power purchase agreement with an energy off-taker.

The valuation model for the Group’s proprietary portfolio, in accordance with IAS 16, implies that other comprehensive income of approximately EUR 2.5 million will be recorded in the Group’s Q3 2024 Consolidated Income Statement in relation to the commissioning of the Făget 3 power plant and will strengthen the Group’s equity position.

The Company’s IPP (Independent Power Producer) portfolio now includes 100 solar power plants, with a combined generation capacity of 140.3 MWp. An additional 3.2 MWp in Sărulești, Romania is currently being commissioned and is expected to increase the IPP portfolio to 143.5 MWp before year-end.

In the Romanian market, Photon Energy offers a wide range of services including project development, EPC (engineering, procurement and construction) and O&M (operations and maintenance) of PV power plants. In addition, the Company distributes best-in-class PV components and builds PV rooftop installations for both commercial and industrial customers.

Făget 3: 7.5 MWp Solar PV Power Plant | Image source: Photon Energy Group

Media Contact

Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com

Investor Relations Contact

Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464
E-mail: joanna.rzesiewska@photonenergy.com