Grid connection delays to two utility scale projects in Australia partially offset raised second-quarter revenue reported by Dutch solar developer Photon Energy Group.
The Amsterdam-based company posted an €869,000 loss for the second quarter, down from a €969,000 reverse a year earlier, and blamed rising interest costs associated with refinancing its latest solar projects in Hungary, as well as the two plants in Leeton, in the Australian state of New South Wales. The Australian sites have a combined generation capacity of 14.6 MW.
Those grid delays, and recruitment as part of a planned expansion drive, partially offset a 16% year-on-year rise in revenue from the sale of electricity, which pushed up the total revenue figure 11%, by the same comparison, to €9.86 million for the April-to-June window.
With Photon reporting it has added around 187 MWp of generation capacity in its core European markets of Hungary, Romania and Poland since December, the company bolstered its finances by issuing 5 million shares in a €7.7 million fundraising exercise.
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