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

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

About Photon Energy Group – photonenergy.com

Photon Energy Group is a group of companies providing renewable energy, clean water and environmental remediation solutions worldwide. Photon Energy and Lerta provide comprehensive renewable energy solutions, including solar power and energy flexibility. Since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 160 MWp and has power plants with a combined capacity of 140.3 MWp in its proprietary portfolio. It is currently developing projects with a combined capacity of 1 GWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for over 880 MWp worldwide. Photon Energy’s Virtual Power Plant aggregates renewable energy generators and consumers with a total capacity of over 480 MW. Photon Energy and Lerta hold electricity trading licences in Poland, the Czech Republic, Slovakia, Hungary, Romania and Serbia. Lerta is the third largest provider of DSR services to the Polish TSO, with a contracted capacity of 389 MW for 2024. Through Photon Water, the Group offers water treatment and management solutions, and its remediation technology removes PFAS and other contaminants from water and soil. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges as well as Xetra, Germany’s leading online trading platform. Photon Energy Group is headquartered in Amsterdam, with offices in Australia and across Europe.