Photon Energy sells Italian power plants in reaction to retroactive cuts in Italy

Photon Energy NV decided to improve its geographical focus byselling its two Italian power plants to avoid further devastatingretroactive measures by the Italian government.

While the overall impact on the portfolio is relatively small –the Italian power plants make up only 1.25 MWp of the entire 27 MWp– the decision was nevertheless not an easy one. Photon Energy willcontinue providing O&M services in Italy under its „InverterCardio“ programme under which it takes care of 15 MWp of central PVinverters.

„A long-standing campaign against renewable energy, whichincluded cuts to the feed-in-tariff and other retroactive measures,has effectively killed the Italian PV market“, commented CEO GeorgHotar. „Given that the Italian government appears intent oncontinuing robbing PV investors, we came to the conclusion thatleaving this devastated market now was our most optimal option“,Hotar added.

Photon Energy NV has always based its strategy of geographicalexpansion on being active in countries with stable and sustainablePV markets. Italy no longer fits this criteria. „By selling ourItalian power plants we are improving the overall stability of ourportfolio“, said CEO Georg Hotar. „At the same time we have beenonce again proven in our strategy for future projects, which isbased on building power plants without the need for support fromunreliable politicians who keep breaking their word and the law“,Hotar concluded.