Photon Energy announced today the receiptof a Development Approval for its 28.6 MWp project in Leeton, NewSouth Wales. At the same time Photon Energy acquired eight projectsin the Komárom-Esztergom region in Hungary. All these projects areaimed to be built and maintained in the company’s proprietaryportfolio, ultimately more than doubling the current volume ofPhoton Energy’s own solar power plants.
Global solar energy producer Photon EnergyN.V. reported today the receipt of the Development Approval (DA)from the municipality of Leeton, New South Wales, for theconstruction of a 28.6 MWp solar farm, which the company aims tobuild and maintain in its proprietary long-termportfolio.
The previously reported solar power plantproject in Leeton has in the meantime been expanded to 28.6 MWp andis in the final stages of the grid connection process with regionalnetwork service provider Essential Energy. The project is expectedto reach the ready-to-build stage by the end of 2017.
“Development Approval for our Leetonproject is a major milestone for Photon Energy in Australia,validating our long-term strategy and commitment to the Australianmarket”, commented Michael Gartner, Managing Director of PhotonEnergy Australia.
“The Leeton solar farm will more thandouble our existing Europe-based 26 MWp portfolio and will even outthe seasonality in production and further strengthen our recurringrevenue base from the sale of electricity” commented Georg Hotar,CEO of Photon Energy.
In Hungary, Photon Energy’s other coremarket, the company announced the acquisition of eight PV projectsin the Komárom-Esztergom region in Hungary to be developed, builtand maintained in the company’s proprietary portfolio. Theircombined planned installed capacity is 4.5 MWp and they areexpected to reach the ready-to-build stage by the end of2018Q1.
“Today’s acquisition of eight more projectsmarks an important step towards achieving our goal of building 50MWp of PV plants for our proprietary long-term portfolio inHungary”, commented Georg Hotar, CEO of Photon Energy. “Ourexpansion to Hungary enlarges our footprint in the accelerating PVmarket in Central Europe and underscores our intention tostrengthen our long-term yield-generating asset base as well as toopen further EPC and O&M market opportunities”.
This acquisition increased the projectpipeline in Hungary to 10.8 MWp of planned installed capacity.
Photon Energy is currently in the processof issuing a 5-year EUR bond in Germany, Luxembourg and Austriawith a 7.75% coupon and quarterly coupon payments in order tofinance the company’s expansion in Australia and Hungary.
MEDIACONTACT
Anastasia Hotar
T +420 775 861 732
E anastasia.hotar@photonenergy.com
Download this announcement as a pdf.
