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PHOTON (PEN): Photon Energy to add 14 MWp to its PV portfolio in Australia

Raport bieżący nr 10/2020

Podstawa Prawna:
Art. 17 ust. 1 MAR - informacje poufne.

The Management Board of Photon Energy N.V. ('Photon Energy' or 'Company') informs that its fully-owned project companies Leeton Solar Farm Pty Ltd. and Fivebough Solar Farm Pty Ltd. have signed agreements with Infradebt for the project debt financing of two PV power plants with a combined installed capacity of 14 MWp in Leeton, New South Wales.

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These are the two largest projects to be added to Photon Energy’s portfolio to date, and our first merchant projects providing competitive energy into the market. The experience we gain in operating the power plants will be used to maximise revenues in the energy market.

Photon Energy has a full-lifecycle approach to PV power plants, and in accordance with this, both projects have been developed in-house and will represent the first Australian utility-scale PV power plants in the Group’s IPP portfolio. Photon Energy Engineering Australia Pty Ltd. will act as engineering, procurement and construction (EPC) contractor for both projects. Commissioning is expected in Q4 2020, after which long-term O&M services will be provided by Photon Energy Operations Australia Pty Ltd.

Each power plant has a grid connection capacity of 4.95 MWp AC and an installed capacity of 7 MWp DC. The plants’ bi-facial PV modules will be mounted on single-axis trackers and will supply the produced electricity to Essential Energy’s distribution network as non-scheduled generators. The combined annual electricity production of both PV power plants is forecast to be 26.8 GWh, and will be sold on the National Electricity Market on a merchant basis, as will the Large Generation Certificates (LGCs) generated by the plants. This means that no power purchase agreements (PPAs) have been entered into by Photon Energy. PPAs may, however, play a role in the plants’ future revenue management strategy, alongside other price-hedging options.

Photon Energy will be actively managing the plants in response to changes in market pricing, as well as planning for the addition of energy storage, to enable the plants to position themselves in the market as it transitions from centralised fossil-fuel-burning power plants to distributed low cost renewables.

This project marks another significant milestone for Photon Energy. The construction on the first two utility-scale power plants in Australia to be added to our portfolio will help the Group in reducing the seasonality of electricity-generation revenues globally. Our merchant approach in Australia paves the way for grid-competitive assets to be developed and added to our European markets and elsewhere in the world.

PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
DataImię i NazwiskoStanowisko/FunkcjaPodpis
2020-05-29Georg Hotar & Michael GartnerDirectors

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