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Photon Energy has signed a full operations and maintenance (O&M) contract for 100.19 MWp installed PV generation capacity with OX2 Construction AB (‘OX2’), one of Europe’s leading developers of renewable energy sources, headquartered in Sweden.
The Company has concluded O&M service contracts for a combined 267.5 MWp of PV assets in the Polish market.
With over 650 MWp of PV assets under O&M, the Company is on track to grow its global O&M business to 1 GWp by year-end 2024.
Amsterdam/Warsaw – 30 November 2023 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (‘Photon Energy Group’ or the ‘Company’) announces that its Polish solar O&M services subsidiary Photon Energy Operations PL Sp. z o.o. has signed an operations and maintenance contract with OX2, a Swedish developer of renewable energy sources, to provide full O&M support for two power plants with a combined installed capacity of 100.19 MWp.
‘We are honoured and thrilled to have gained the trust of OX2, a leading European renewable industry player and see it both as a major commitment and a testament to our approach to the operations and maintenance of PV assets. As an O&M service provider, our goal is to provide the best solution in terms of scope, expertise and value with our team of dedicated technicians. We are committed to ensuring that the Rutki and Góra power plants will have industry-leading uptime and performance,’ said Georg Hotar, CEO of Photon Energy Group.
He continued: ‘Photon Energy’s footprint with in-house PV O&M services teams in five of the key CEE markets paired with 14 years of experience puts us into a unique position to serve both local and international investors with PV assets across multiple markets alike. Our O&M cooperation with OX2 is a major step towards reaching our goal of providing O&M services to 1 GWp of PV assets by year-end 2024. In the light of the continuing growth in installed capacity in Poland and the expected acceleration in Romania and the Czech Republic in coming years, we see significant further growth potential beyond next year.’
The power plants are located in Rutki and Góra, both in Opole County, Poland. The contract has been concluded for an initial period of two years.
This contract represents a major milestone in the competitive Polish PV market as part of the Company’s goal to grow its global O&M portfolio to 1.0 GWp by year-end 2024. Photon Energy’s Operations & Maintenance division now has a total of over 650 MWp of installed PV capacity under contract in its key CEE markets and Australia, with several additional contracts under negotiation and expected to be concluded by the end of the year. In Poland, the Company currently operates and maintains a combined installed capacity of 267.5 MWp of solar PV assets.
Photon Energy Group delivers solar energy and clean water solutions around the world. Its solar power services are provided by Photon Energy; since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 150 MWp and has power plants with a combined capacity of 123.4 MWp in its proprietary portfolio. It is currently developing projects with a combined capacity of 1.2 GWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for 650 MWp worldwide. Through its fully owned subsidiary Lerta, the Group has electricity trading licenses 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, and through its Virtual Power Plant (VPP) aggregates energy generators and consumers with a total capacity of nearly 300 MW. The Group’s other major business line, Photon Water, provides clean water solutions including treatment and remediation services, as well as the development and management of wells and other water resources. 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.
OX2 develops, constructs, and sells renewable energy solutions at scale. OX2 also offer management of wind- and solar farms after completion. OX2’s project development portfolio consists of in-house developed as well as acquired projects in onshore and offshore wind, solar, and energy storage, in various phases of development. The company is also active in developing projects based on other renewable energy technologies, such as hydrogen. OX2 is operating on eleven markets in Europe: Sweden, Finland, Estonia, Lithuania, Poland, Romania, France, Spain, Italy, Greece, and Åland. Since 2023 OX2 is also operating in Australia. Sales in 2022 was about 7.6 billion SEK. The company has about 400 employees and is headquartered in Stockholm, Sweden. OX2 is listed on Nasdaq Stockholm since 2022.
Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com
Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464
E-mail: joanna.rzesiewska@photonenergy.com