Photon Energy N.V., through its unit, Photon Energy Solutions HU Kft., the Group's Hungarian subsidiary dedicated to engineering, procurement, and construction (EPC) services, has completed and grid-connected two solar photovoltaic power plants with a combined capacity of 2.8 MWp in the town of Püspökladány, Hungary. At the same location, the Company is currently at an advanced stage of building another eight PV power plants with a combined capacity of 11.3 MWp.
This latest addition expands the Group's installed base in Hungary to 37.8 MWp and its global proprietary portfolio of power plants to 63.4 MWp.
The grid connection of another six power plants is scheduled to take place at the end of October 2020, with the remaining two power plants expected to be commissioned at the end of November 2020.
The two new power plants extend over 4.3 hectares and are connected to the grid of E.ON Tiszántúli Áramhálózati Zrt. Together they are expected to generate around 4.1 GWh of electricity per year.
The Group will operate the new power plants through two wholly-owned project companies, each of which possesses a METÁR license. These licenses entitle each power plant to a de facto feed-in tariff (in the form of electricity sales on the energy spot market plus a contract-for-difference) of HUF 33,360 per MWh (US$110.1 per MWh). Both power plants are entitled to a maximum approved and supported the production of approximately 38,400 MWh per license over a period of 17 years and 11 months.
