Photon Energy Group Reports 7.9% Revenue Growth and More Than Doubled EBITDA Despite Market Challenges in the First Three Quarters of 2024
Amsterdam/Budapest – 30 September 2024 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (‘Photon Energy Group’ or the ‘Company’) announces that its Hungarian subsidiary Photon New Energy Alfa Kft. has completed the construction of and started to operate an on-site solar photovoltaic (PV) power plant with an approximate capacity of 658 kWp. The operation of the power plant is based on a 20-year on-site PPA with Clarion Hungary, a subsidiary of FORVIA, the 7th biggest automotive technology supplier worldwide.
‘We are delighted that the power plant for FORVIA is now energized and operated by Photon Energy, producing 100% renewable, zero-emissions electricity. This marks another important milestone for Photon Energy, further solidifying our presence in the Hungarian market and expanding our service offering to the industrial sector. By delivering this turnkey on-site PPA solution, we are proud to support FORVIA in its commitment to reducing its carbon footprint while achieving long-term energy cost savings,’ said Georg Hotar, CEO of Photon Energy Group.
FORVIA partnered with ENGIE Impact over two years to identify which sites had the greatest potential to serve as part of their global on-site solar PV program. The program, which includes more than 100 sites across 14 countries, was designed by ENGIE Impact to avoid 30,000 tons of CO2 emissions annually, made possible by standardizing the process, managing complexity, and by building relationships with trusted local developers. It is implemented using both PPA and PV-as-a-service models.
Engaged as the local developer in Hungary, Photon Energy has designed an optimal solution for Clarion Hungary, which will be the corporate offtaker for 100% of the energy produced by the power plant upon its completion.
Under the PPA, Photon Energy developed, built and will operate the power plant. The installation is built on the grounds of the Clarion Hungary production facility in Nagykáta, some 80 km south-east of Budapest.
Photon Energy will be able to maximise the installed capacity within the limited area by using an East/West mounting structure to potentially cover over 20% of the site’s annual electricity consumption with 1,248 monofacial modules to be installed, generating approximately 14.1 GWh over the duration of the PPA, which will contribute to an estimated CO2e emissions reduction of 3,620 metric tons.
As part of its proprietary portfolio of solar PV power plants, Photon Energy currently owns and operates a total generation capacity of 51.8 MWp in Hungary, and provides O&M (operation and maintenance) services to a combined capacity of over 278 MWp of Hungarian PV assets.
FORVIA’s 658 kWp On-Site PPA Solar Power Plant | Image source: Photon Energy Group
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 138.6 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 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. 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.
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