Photon Energy reports that its subsidiary Photon Energy Solutions HU Kft has completed and grid-connected seven photovoltaic power plants with a total installed capacity of 4.9 MWp in the municipalities of Fertod and Kuszentmarton, Hungary. This latest addition expands the Group's installed base in Hungary to 24.1 MWp and its total proprietary portfolio of PV power plants to 49.7 MWp.
As an extension to Fertod I, the Group's first 528 kWp power plant in the Hungarian market commissioned in March 2018, the five add-ons (Fertod II) cover an area of 6 hectares and are connected to the grid of E.ON Eszak-dunantuli Aramhalozati Zrt. While the Fertod I project had been acquired at the ready-to-build stage, the Fertod II projects were internally-developed by Photon Energy.
The remaining two PV power plants in Kuszentmarton extend over 1.7 hectares and are connected to the grid of E.ON Tiszantuli Aramhalozati Zrt. The seven PV power plants are expected to generate around 6.0 GWh of electricity per year.
"We are very excited to have commissioned another seven PV power plants in Fertod and Kuszentmarton as yet again, it confirms our team's capability to swiftly and simultaneously implement multiple projects in different locations and to the highest industry standards," said Georg Hotar, CEO of Photon Energy N.V.
The Group will own and operate the power plants through several wholly-owned project companies that own seven KAT licenses entitling each power plant to a feed-in tariff of 32,590 HUF per MWh (approx. EUR 100 per MWh) over a period of 25 years with a maximum approved and supported average production of some 15,600 MWh per license. Total annual revenues of all seven power plants are expected to amount to EUR 600,000.
Following the revaluation of the Group's proprietary portfolio according to IAS 16, approximately EUR 1.9 million will be recorded as the Group's Other Comprehensive Income in the 2019Q4 Consolidated Income Statement.
