Photon Energy N.V. announces 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 Fertőd and Kuszentmárton, 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 Fertőd I – the group’s first 528 kWp power plant in the Hungarian market, commissioned in March 2018 – the five add-ons (Fertőd II) cover an area of six hectares and are connected to the grid of E.ON Észak-dunántúli Áramhálózati Zrt. While the Fertőd I project had been acquired at the ready-to-build stage, the Fertőd II projects were internally developed by Photon Energy.
The remaining two PV power plants, in Kuszentmárton, extend over 1.7 hectares and are connected to the grid of E.ON Tiszántúli Áramhálózati Zrt. The seven PV power plants are expected to generate around 6 GWh of electricity per year.
“We are very excited to have commissioned another seven PV power plants in Fertőd and Kuszentmárton 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, chief executive of Photon Energy N.V.
The group will own and operate the power plants through several wholly-owned project companies that own seven KÁT (feed-in tariff) licenses, entitling each power plant to a tariff of HUF32,590/MWh (€98.98/MWh) over a period of 25 years, with a maximum approved and supported average production of some 15.6 GWh per license. The total annual revenues of all seven power plants are expected to amount to €600,000.
Following the revaluation of the group’s proprietary portfolio in line with [accounting standard] IAS 16, approximately €1.9 million will be recorded as the group’s other comprehensive income in the 2019, fourth-quarter consolidated income statement.