- The Company has signed an agreement to sell two operating solar power plants with a combined capacity of 14.5 MWp and a hybrid development-stage solar / battery project with a capacity of 8.2 MWp / 10.9 MWh in New South Wales, Australia, to CleanPeak Energy. The sale is expected to complete during October 2024.
- The operating plants, commissioned in 2021, utilise advanced single-axis tracking and bi-facial modules, with most energy sold into the National Electricity Market (NEM) and a portion through a Power Purchase Agreement (PPA).
- Photon Energy is shifting its focus to energy storage and grid stability, aiming to address renewable energy intermittency and increase its role in energy innovation, including investment in RayGen technology.
Amsterdam/Sydney – 2 October 2024 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (“Photon Energy Group” or the “Company”) today announced the sale of two operating solar PV power plants with a total installed capacity of 14.5 MWp and a hybrid development-stage solar / battery project with a capacity of 8.2 MWp / 10.9 MWh to CleanPeak Energy.
“The sale of these assets to CleanPeak Energy is part of our refocusing on the development and deployment of energy storage technologies. By investing in energy storage, we aim to address one of the most critical challenges in the renewable energy sector – ensuring that clean energy is available whenever it is needed,” said Georg Hotar, CEO of Photon Energy Group.
The Leeton and Fivebough solar farms, connected through 5 MW grid connections to the Essential Energy distribution network, were commissioned in 2021 and built using single-axis tracking and bi-facial solar modules to maximise energy yield throughout the day.
Most of the electricity generated by these power plants is sold into the National Electricity Market (NEM), with a small proportion sold through a Power Purchase Agreement (PPA).
The transaction also included the divestment of an 8.2 MWp / 10.9 MWh hybrid solar/battery project located in Boggabri, New South Wales, Australia.
Completion of this transaction is contingent upon a limited number of conditions precedent which are expected to be satisfied in October 2024. The sale of these assets will result in a net cash contribution of over EUR 6 million to the Group’s financial statements.
Pottinger acted as sole financial advisor, and Clifford Chance acted as legal advisor, to Photon Energy Group on the transaction.
A Shift Towards Energy Storage and Virtual Power Plant
As Photon Energy transitions toward flexible energy solutions, the company aims to address one of the major challenges of renewable energy – intermittency. By focusing on the development of energy storage projects, Photon Energy intends to ensure that renewable energy can be stored and dispatched during periods of peak demand, increasing the reliability of renewable power.
The pivot to energy storage together with its New Energy division and investment into RayGen is part of Photon Energy Group's broader strategy to position Photon Energy at the forefront of energy innovation. With the increasing importance of grid stability and the growing demand for renewable energy, the Company plans to play a critical role in the integration of renewable resources into the grid and for its customers.
Media Contact
Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com
Investor Relations Contact
Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464
E-mail: joanna.rzesiewska@photonenergy.com
