Photon Energy breaks new ground with three more solar projects in Romania

► Photon Energy continues to break new ground in Romania, starting the construction of three more photovoltaic power plants in this strategic market in Central and Eastern Europe. The power plants have a combined generation capacity of 6.0 MWp and are expected to generate around 9.6 GWh of renewable energy per year.

► Upon completion, these three PV power plants will expand Photon Energy’s IPP portfolio to 93 power plants with a combined generation capacity of 108.3 MWp. A total capacity of over 96 MWp will be sold as clean electricity directly on the energy market.

► The company plans to bring a total production capacity of 32 MWp to the country by the end of 2022, increasing its own portfolio to over 120 MWp. Recently, the company started the construction of the first Romanian power plants near Șiria and Aiud, with a combined production capacity of 10.7 MWp.

Photon Energy N.V. announces that it has broken new ground with the construction of three more photovoltaic power plants in Romania, which will have a production capacity combined of 6.0 MWp.

High-efficiency bilateral solar modules mounted on single-axis monitoring systems will generate around 9.6 GWh of renewable energy annually in the Oltenia Energie Distribution network. The generated electricity will be sold on the energy market to traders, without the assistance or power supply contract with a specific energy distributor. The new power plant is to start operation in the fourth quarter of 2022. Located near the town of Calafat in Dolj County, the power plants will cover over 10.2 hectares of arable land and will be equipped with approximately 10,800 solar panels.

“We are very happy to break new ground in Romania, one of the main markets in Central and Eastern Europe, implementing our own growth strategy announced in the Financial Orientation for 2022,” said Georg Hotar, CEO of Photon Energy Group.

“The Calafat power plants mark another important stage in our efforts to bring into operation a total capacity of approximately 32 MWp in Romania by the end of 2022. These new assets alone will expand our IPP (Independent Power Producer) portfolio to over 120 MWp by the end of the year.”

Upon commissioning of these plants, the company will own and operate 93 solar power plants with a combined capacity of 108.3 MWp in its independent power producer (IPP) portfolio. A combined capacity of 96 MWp will be sold as clean, subsidy-free electricity on the energy market.

Currently, the company is developing photovoltaic projects in Romania with a total capacity of 235 MWp, of which 120 MWp are in an advanced stage of development or under construction. The Calafat power plants will be owned and operated by three special purpose companies wholly owned by Photon Energy Group. The company is currently developing large utility PV projects with a combined capacity of over 820 MWp in its core markets of Central and Eastern Europe and Australia, including 235 MWp in Romania.

The next planned development projects in Romania are to be built and commissioned in 2023 and 2024, and the Romanian market will significantly contribute to the company’s goal of expanding its IPP portfolio to at least 600 MWp globally by the end of 2024. Based on electricity price estimates for the rest of 2022, the company reconfirms the financial report for consolidated revenues in 2022, which will increase to EUR 65.0 million from EUR 36.4 million in 2021, representing an annual increase of 78.8% compared to the same period of the previous year, leading to an increase in EBITDA to EUR 18.0 mil from EUR 9.6 mil in 2021 (+87.8% annual growth).

Photon Energy Group provides solar energy and clean water solutions worldwide. Solar electricity services are provided by Photon Energy. Since its establishment in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 100 MWp and owns power plants with a combined capacity of 91.9 MWp in its portfolio. The company is currently developing projects with a combined capacity of 823 MWp in Australia, Poland, Romania and Hungary and provides operation and maintenance services for over 330 MWp worldwide. The second important business line, Photon Water, provides clean water solutions, including treatment and recovery services, but also development and management of wells and other water sources.