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Photon Energy N.V.
Regulatory Filings • Apr 15, 2024
5761_rns_2024-04-15_48314736-26dc-4174-8545-238eb334d8d9.pdf
Regulatory Filings
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Photon Energy N.V.
Monthly Report for March 2024
For the period from 1 to 31 March 2024
1. Short Summary of Business Highlights in the Reporting Period
1.1 Generation Results of Photon Energy's Proprietary Power Plants
The total electricity production of our proprietary portfolio amounted to 13.0 GWh, compared to 10.9 GWh a year earlier, up by 19.7% YoY. This growth was driven primarily by the capacity expansion of 35.4 MWp in Romania in 2023. Year-to-date (YTD) generation amounted to 30.0 GWh compared to 24.3 GWh a year ago, up by 23.7% YoY. All power plants, except forAustralian ones, generated less than expected in our energy audits, with the average underperformance ratio of -18.7% in March and -11.7% YTD. This underperformance can be attributed to worse weather conditions (cloudy days and sand from Sahara) and temporary switch-off of power plants in Hungary to optimize the market position and business result due to the changing market situation. Switching of 35.0 MWp to FIT next month shall reduce this impact going forward.
The average specific yield (total generation in the period / average capacity in the period) reached a level of 99.1 kWh/kWp compared to 114.5 kWh/kWp a year earlier, -13.5% YoY.
Total electricity generation YTD represented an avoidance of 12,068 tonnes of CO2e emissions.
For further details, see section 2: Generation Results.
1.2 Average Electricity Prices Realised by Proprietary Power Plants
In March, about 76% of our proprietary capacity – 99.9 MWp of a total 131.1 MWp of our generation assets – sold electricity on energy markets. The average realised electricity prices in March amounted to EUR 133 per MWh compared to EUR 186 per MWh a year ago, -28.6% YoY.
The highest average prices were realised by our Czech power plants, with an average of EUR 637 per MWh and the Slovak power plants, in the amount of EUR 263 per MWh. In both markets the power plants benefit from the feed-in-tariff system. Those two markets were followed by Romania and Hungary, with average realised prices of EUR 74 and 58 per MWh, respectively. With regards to Hungarian portfolio the average prices shall increase as a result of the decision to switch 35.0 MWp of power plants back to the feedin-tariff system as of 1 April 2024 (see next section). The lowest realized prices were in Australia, with an average of EUR 41 per MWh.
For further details, see section 3: Average Revenues Realised by Our Power Plants.
1.3 Switching 35.0 MWp in Hungary to Feed-In-Tariff
As of 1 April 2024, additional 35 MWp of DC capacity in the Hungarian proprietary portfolio was switched from the merchant model, i.e. selling electricity on the day-ahead energy market, back to the Feed-In-Tariff (FIT) based on the power plants' KÁT or METÁR-KÁT-licenses, as applicable. The formal application process to return to the support system has been initiated earlier this year and the positive decision was issued by the Independent Transmission Operator MAVIR in March 2024. As a result, an additional 35 MWp of PV capacity in Hungary will return to the support system mechanism as of 1 April 2024, with an approved FIT of HUF 47,040 (EUR 119.25/MWh) until the end of 2024 and subject to indexation in future years.
Consequently, as of 1 April 2024 the Photon Energy Group's total proprietary portfolio of 131.1 MWp was rebalanced with 64.9 MWp of installed capacity under FIT and 66.2 MWp remaining in the merchant model, which results in an almost even split between FIT and merchant. Based on recent electricity prices' trend in CEEand the market outlook for this year, the return to the support mechanism in Hungary, as well as the Czech Republic as of 1 January 2024, shall improve the Group's revenue profile and profitability this year.
1.4 Connection of 1.7 MWp in Magureni, Romania
On 1 April 2024, Photon Energy completed and grid-connected its eleventh photovoltaic (PV) power plant in Romania, located in Magureni, region Calarasi. The PV installation has a generation capacity of 1.7 MW DC and 1.25 MWp AC.
High-efficiency bifacial photovoltaic modules mounted on fixed structure will deliver clean energy to the grid managed by E-Distribuție Dobrogea. The annual production of Magureni power plant is expected to be around 2.2 GWh. The electricity generated will be sold on the energy market on a merchant basis. Upon connection of Magureni power plant the Company's IPP (Independent Power Producer) portfolio now includes 99 solar power plants, with a combined generation capacity of 132.8 MWp.
1.5 Correction of Q4 2023 Report.
On 18 March 2024, the management board of Photon Energy N.V. announced a correction to the ad hoc report number 5/2024 issued on 19 February 2024 regarding its Q4 2023 Financial Results. The ad hoc report 5/2024 referred to unaudited consolidated revenues for the Full Year 2023 of EUR 74.4 million and EBITDA of EUR 5.1 million for the same period. Further review during preparation of the Annual Report and Accounts for 2023 has resulted in amended unaudited consolidated revenues for the Full Year 2023 of EUR 71.1 million, and EBITDA of EUR 3.7 million. Consolidated net loss has changed from EUR -14.4 million to EUR -15.7 million. For details please see ourad-hoc report 7/2024 report under the following link.
1.6 Securing Capacity Market Contracts for 316 MW
Photon Energy Group succeeded in the additional 2025 Polish capacity auction with 316 MW of Demand Side Response ('DSR') capacity. With the previously contracted capacity of 10 MW for 2025, the Company's total capacity obligation of 326 MW will ensure PLN 56.1 million (EUR 13 million) in Capacity Market revenues for 2025. Based on preliminary results, the Group secured an average price weighted by volume of PLN 172,168 (EUR 39,892) per MW/year.
Though the contracted volume and revenues may seem lower compared to the Company's previous declarations, it is a deliberate strategy to maximize gross profit from the Virtual Power Plant business. After detailed analysis of auction parameters and potential price paths, the VPP team concluded that the original volume would depress prices to unsatisfactory levels. Given recent successes with secondary market optimizations, including purchasing additional capacity obligations, the Company chose to secure higher revenues from lower volumes and pursue additional transactions in the secondary market afterwards. The auction results affirm the effectiveness of this strategy, enabling the Group to secure higher revenues compared to initial assumptions of 490 MW. For more information please see ad-hoc report 9/2024 under the following link.
2. Generation Results of the Proprietary PV Power Plants
The table below represents generation results of the power plants owned directly or indirectly by Photon Energy N.V.
Table 1. Production Results in March 2024
| Project name | Capacity | Revenue Mar | Prod. Mar | Proj. Mar | Perf. | YTD Prod. | YTD Proj. | Perf. | YTD YoY |
|---|---|---|---|---|---|---|---|---|---|
| Unit | kWp | per MWh | kWh | kWh | % | kWh | kWh | % | % |
| Komorovice | 2,354 | 634 EUR | 221,578 | 236,130 | -6.2% | 385,418 | 409,600 | -5.9% | 4.6% |
| Zvíkov I | 2,031 | 635 EUR | 174,110 | 215,370 | -19.2% | 316,920 | 406,150 | -22.0% | -10.3% |
| Dolní Dvořiště | 1,645 | 634 EUR | 134,752 | 148,400 | -9.2% | 249,364 | 278,070 | -10.3% | 0.7% |
| Svatoslav | 1,231 | 635 EUR | 88,588 | 105,010 | -15.6% | 163,867 | 190,320 | -13.9% | -4.9% |
| Slavkov | 1,159 | 634 EUR | 117,515 | 129,820 | -9.5% | 223,459 | 236,920 | -5.7% | 7.1% |
| Mostkovice SPV 1 | 210 | 635 EUR | 17,736 | 20,790 | -14.7% | 35,348 | 38,080 | -7.2% | 1.0% |
| Mostkovice SPV 3 | 926 | 682 EUR | 82,436 | 94,790 | -13.0% | 158,142 | 168,990 | -6.4% | 1.2% |
| Zdice I | 1,499 | 635 EUR | 149,289 | 154,890 | -3.6% | 279,138 | 286,150 | -2.5% | 7.4% |
| Zdice II | 1,499 | 635 EUR | 149,930 | 157,780 | -5.0% | 279,168 | 292,800 | -4.7% | 7.4% |
| Radvanice | 2,305 | 634 EUR | 209,692 | 239,870 | -12.6% | 400,131 | 418,600 | -4.4% | 6.7% |
| Břeclav rooftop | 137 | 635 EUR | 13,227 | 15,150 | -12.7% | 27,458 | 28,020 | -2.0% | 14.4% |
| Total Czech PP | 14,996 | 637 EUR | 1,358,853 | 1,518,000 | -10.5% | 2,518,413 | 2,753,700 | -8.5% | 2.3% |
| Babiná II | 999 | 271 EUR | 66,157 | 78,340 | -15.6% | 131,978 | 142,020 | -7.1% | -9.0% |
| Babina III | 999 | 271 EUR | 66,193 | 81,340 | -18.6% | 132,048 | 145,840 | -9.5% | -9.1% |
| Prša I. | 999 | 270 EUR | 70,021 | 86,390 | -18.9% | 151,526 | 164,640 | -8.0% | -1.7% |
| Blatna | 700 | 273 EUR | 57,701 | 57,580 | 0.2% | 117,971 | 101,070 | 16.7% | 14.4% |
| Mokra Luka 1 | 963 | 258 EUR | 84,395 | 107,490 | -21.5% | 197,722 | 219,960 | -10.1% | -7.7% |
| Mokra Luka 2 | 963 | 257 EUR | 86,019 | 109,420 | -21.4% | 205,777 | 228,150 | -9.8% | -7.1% |
| Jovice 1 | 979 | 263 EUR | 62,433 | 76,570 | -18.5% | 138,843 | 137,680 | 0.8% | -3.7% |
| Jovice 2 | 979 | 263 EUR | 63,065 | 74,840 | -15.7% | 139,004 | 133,220 | 4.3% | -0.4% |
| Brestovec | 850 | 257 EUR | 83,167 | 91,710 | -9.3% | 168,744 | 166,830 | 1.1% | 4.3% |
| Polianka | 999 | 261 EUR | 73,751 | 78,720 | -6.3% | 146,731 | 136,720 | 7.3% | 7.0% |
| Myjava | 999 | 259 EUR | 89,058 | 95,130 | -6.4% | 179,223 | 167,330 | 7.1% | 4.8% |
| Total Slovak PP | 10,429 | 263 EUR | 801,961 | 937,530 | -14.5% | 1,709,569 | 1,743,460 | -1.9% | -1.6% |
| Tiszakécske 1 | 689 | 51 EUR | 53,796 | 81,470 | -34.0% | 116,691 | 162,690 | -28.3% | -26.0% |
| Tiszakécske 2 | 689 | 51 EUR | 54,508 | 81,760 | -33.3% | 118,864 | 163,780 | -27.4% | -25.6% |
| Tiszakécske 3 | 689 | 49 EUR | 57,763 | 81,710 | -29.3% | 131,054 | 164,100 | -20.1% | -11.6% |
| Tiszakécske 4 | 689 | 52 EUR | 54,727 | 81,980 | -33.2% | 119,850 | 164,510 | -27.1% | -25.5% |
| Tiszakécske 5 | 689 | 51 EUR | 54,251 | 82,160 | -34.0% | 117,796 | 165,530 | -28.8% | -25.7% |
| Tiszakécske 6 | 689 | 51 EUR | 53,959 | 81,110 | -33.5% | 117,586 | 161,780 | -27.3% | -25.9% |
| Tiszakécske 7 | 689 | 51 EUR | 54,279 | 81,230 | -33.2% | 118,366 | 161,570 | -26.7% | -25.7% |
| Tiszakécske 8 | 689 | 51 EUR | 53,789 | 79,260 | -32.1% | 116,142 | 152,560 | -23.9% | -25.8% |
| Almásfüzitő 1 | 695 | 54 EUR | 49,299 | 80,050 | -38.4% | 109,186 | 154,560 | -29.4% | -24.4% |
| Almásfüzitő 2 | 695 | 54 EUR | 47,437 | 77,750 | -39.0% | 104,063 | 150,130 | -30.7% | -25.6% |
| Almásfüzitő 3 | 695 | 54 EUR | 47,251 | 77,610 | -39.1% | 107,284 | 149,850 | -28.4% | -24.4% |
| Almásfüzitő 4 | 695 | 55 EUR | 49,572 | 80,140 | -38.1% | 109,492 | 154,740 | -29.2% | -24.4% |
| Almásfüzitő 5 | 695 | 55 EUR | 50,364 | 81,240 | -38.0% | 116,333 | 156,870 | -25.8% | -22.5% |
| Almásfüzitő 6 | 660 | 55 EUR | 49,849 | 80,780 | -38.3% | 113,177 | 155,980 | -27.4% | -23.4% |
| Almásfüzitő 7 | 691 | 55 EUR | 50,043 | 80,410 | -37.8% | 112,618 | 155,260 | -27.5% | -23.5% |
| Almásfüzitő 8 | 668 | 55 EUR | 50,518 | 79,110 | -36.1% | 111,065 | 152,740 | -27.3% | -24.0% |
| Nagyecsed 1 | 689 | 50 EUR | 60,025 | 80,360 | -25.3% | 145,160 | 152,720 | -5.0% | -1.1% |
| Nagyecsed 2 | 689 | 50 EUR | 59,114 | 82,990 | -28.8% | 142,147 | 151,770 | -6.3% | -2.8% |
| Nagyecsed 3 | 689 | 50 EUR | 59,465 | 81,750 | -27.3% | 143,412 | 153,610 | -6.6% | -1.2% |
| Fertod I | 528 | 53 EUR | 49,293 | 62,140 | -20.7% | 109,646 | 122,230 | -10.3% | 0.5% |
| Fertod II No 2 | 699 | 53 EUR | 65,125 | 68,550 | -5.0% | 151,856 | 139,700 | 8.7% | 4.7% |
| Fertod II No 3 | 699 | 53 EUR | 65,228 | 68,850 | -5.3% | 152,267 | 140,300 | 8.5% | 4.8% |
| Fertod II No 4 | 699 | 53 EUR | 64,877 | 79,980 | -18.9% | 151,445 | 161,700 | -6.3% | 4.6% |
| Fertod II No 5 | 691 | 53 EUR | 64,566 | 80,250 | -19.5% | 150,155 | 162,740 | -7.7% | 4.5% |
| Fertod II No 6 | 699 | 53 EUR | 64,621 | 68,140 | -5.2% | 150,702 | 138,860 | 8.5% | 4.3% |
| Kunszentmárton I/ 1 | 697 | 50 EUR | 72,954 | 86,270 | -15.4% | 167,312 | 175,500 | -4.7% | -1.0% |
| Project name | Capacity | Revenue Mar | Prod. Mar | Proj. Mar | Perf. | YTD Prod. | YTD Proj. | Perf. | YTD YoY |
|---|---|---|---|---|---|---|---|---|---|
| Unit | kWp | per MWh, | kWh | kWh | % | kWh | kWh | % | % |
| Kunszentmárton I No 2 | 697 | 50 EUR | 72,678 | 82,660 | -12.1% | 164,602 | 168,150 | -2.1% | -1.0% |
| Kunszentmárton II No 1 | 693 | 51 EUR | 74,207 | 88,360 | -16.0% | 170,233 | 170,230 | 0.0% | -0.6% |
| Kunszentmárton II No 2 | 693 | 51 EUR | 74,318 | 88,000 | -15.5% | 170,349 | 177,280 | -3.9% | -0.1% |
| Taszár 1 | 701 | 51 EUR | 71,277 | 89,430 | -20.3% | 166,055 | 197,440 | -15.9% | 5.4% |
| Taszár 2 | 701 | 51 EUR | 69,890 | 89,430 | -21.8% | 163,634 | 197,440 | -17.1% | 4.0% |
| Taszár 3 | 701 | 51 EUR | 69,895 | 89,430 | -21.8% | 163,542 | 197,440 | -17.2% | 4.0% |
| Monor 1 | 688 | 52 EUR | 52,223 | 61,210 | -14.7% | 120,366 | 124,280 | -3.1% | -25.2% |
| Monor 2 | 696 | 52 EUR | 52,578 | 82,390 | -36.2% | 118,588 | 167,300 | -29.1% | -24.9% |
| Monor 3 | 696 | 52 EUR | 52,960 | 84,340 | -37.2% | 121,306 | 171,240 | -29.2% | -24.2% |
| Monor 4 | 696 | 52 EUR | 52,356 | 85,300 | -38.6% | 119,565 | 173,200 | -31.0% | -25.2% |
| Monor 5 | 688 | 52 EUR | 52,865 | 86,850 | -39.1% | 121,346 | 176,340 | -31.2% | -24.8% |
| Monor 6 | 696 | 52 EUR | 52,460 | 86,300 | -39.2% | 120,756 | 175,230 | -31.1% | -24.9% |
| Monor 7 | 696 | 52 EUR | 52,767 | 86,320 | -38.9% | 121,193 | 175,280 | -30.9% | -24.0% |
| Monor 8 | 696 | 52 EUR | 52,733 | 85,770 | -38.5% | 120,890 | 174,150 | -30.6% | -24.9% |
| Tata 1 | 672 | 55 EUR | 50,685 | 81,510 | -37.8% | 99,025 | 149,590 | -33.8% | -28.0% |
| Tata 2 | 676 | 54 EUR | 48,471 | 77,560 | -37.5% | 115,630 | 151,230 | -23.5% | -14.1% |
| Tata 3 | 667 | 54 EUR | 48,627 | 77,650 | -37.4% | 117,897 | 151,480 | -22.2% | -12.6% |
| Tata 4 | 672 | 55 EUR | 51,879 | 82,940 | -37.4% | 115,129 | 152,210 | -24.4% | -17.3% |
| Tata 5 | 672 | 55 EUR | 51,120 | 80,760 | -36.7% | 113,544 | 149,540 | -24.1% | -18.0% |
| Tata 6 | 672 | 55 EUR | 50,705 | 79,750 | -36.4% | 113,611 | 146,360 | -22.4% | -12.7% |
| Tata 7 | 672 | 55 EUR | 51,110 | 81,050 | -36.9% | 114,053 | 148,180 | -23.0% | -11.8% |
| Tata 8 | 672 | 55 EUR | 51,720 | 83,040 | -37.7% | 115,119 | 152,400 | -24.5% | -13.1% |
| Malyi 1 | 695 | 53 EUR | 56,141 | 82,130 | -31.6% | 136,224 | 155,280 | -12.3% | -7.0% |
| Malyi 2 | 695 | 53 EUR | 56,287 | 82,090 | -31.4% | 137,875 | 156,070 | -11.7% | -6.2% |
| Malyi 3 | 695 | 53 EUR | 56,372 | 82,200 | -31.4% | 138,379 | 156,480 | -11.6% | -6.3% |
| Puspokladány 1 | 1,406 | 119 EUR | 113,964 | 179,360 | -36.5% | 196,402 | 316,940 | -38.0% | -30.6% |
| Puspokladány 2 | 1,420 | 54 EUR | 116,345 | 184,010 | -36.8% | 238,414 | 340,670 | -30.0% | -23.8% |
| Puspokladány 3 | 1,420 | 53 EUR | 112,705 | 182,690 | -38.3% | 230,813 | 336,330 | -31.4% | -26.4% |
| Puspokladány 4 | 1,406 | 53 EUR | 113,204 | 179,730 | -37.0% | 230,060 | 325,230 | -29.3% | -21.4% |
| Puspokladány 5 | 1,420 | 54 EUR | 115,574 | 186,780 | -38.1% | 239,392 | 345,690 | -30.7% | -25.6% |
| Puspokladány 6 | 1,394 | 119 EUR | 111,236 | 178,680 | -37.7% | 224,869 | 328,800 | -31.6% | -25.6% |
| Puspokladány 7 | 1,406 | 119 EUR | 10,219 | 179,460 | -94.3% | 125,658 | 333,270 | -62.3% | -59.4% |
| Puspokladány 8 | 1,420 | 53 EUR | 112,738 | 182,730 | -38.3% | 231,252 | 335,810 | -31.1% | -26.0% |
| Puspokladány 9 | 1,406 | 119 EUR | 85,957 | 179,600 | -52.1% | 175,193 | 333,540 | -47.5% | -43.5% |
| Puspokladány 10 | 1,420 | 53 EUR | 110,577 | 182,940 | -39.6% | 227,056 | 336,110 | -32.4% | -27.5% |
| Tolna | 1,358 | 52 EUR | 152,818 | 182,150 | -16.1% | 329,429 | 348,430 | -5.5% | 2.9% |
| Facankert (Tolna 2) | 1,358 | 52 EUR | 159,517 | 165,010 | -3.3% | 339,289 | 322,650 | 5.2% | 4.1% |
| Total Hungarian PP | 51,814 | 58 EUR | 4,197,854 | 6,286,660 | -33.2% | 9,370,407 | 12,143,070 | -22.8% | -17.5% |
| Siria | 5,691 | 74 EUR | 667,280 | 709,450 | -5.9% | 1,268,464 | 1,339,040 | -5.3% | 230.3% |
| Calafat 1 | 2,890 | 74 EUR | 335,211 | 387,030 | -13.4% | 732,979 | 760,520 | -3.6% | N/A |
| Calafat 2 | 1,935 | 74 EUR | 228,495 | 259,420 | -11.9% | 487,718 | 502,820 | -3.0% | N/A |
| Calafat 3 | 1,203 | 74 EUR | 135,998 | 152,460 | -10.8% | 297,033 | 303,010 | -2.0% | N/A |
| Aiud | 4,730 | 74 EUR | 483,120 | 546,030 | -11.5% | 1,042,560 | 1,079,390 | -3.4% | N/A |
| Teius | 4,730 | 74 EUR | 483,840 | 589,030 | -17.9% | 1,068,180 | 1,132,270 | -5.7% | N/A |
| Făget 1 | 3,178 | 74 EUR | 369,808 | 395,070 | -6.4% | 687,728 | 753,060 | -8.7% | N/A |
| Făget 2 | 3,931 | 74 EUR | 435,952 | 482,430 | -9.6% | 754,304 | 931,740 | -19.0% | N/A |
| Săhăteni | 7,112 | 74 EUR | 765,296 | 930,870 | -17.8% | 1,727,216 | 1,840,750 | -6.2% | N/A |
| Bocsa | 3,788 | 74 EUR | 139,936 | 440,180 | -68.2% | 346,416 | 678,700 | -49.0% | N/A |
| Total Romanian PP2 | 39,188 | 74 EUR | 4,044,936 | 4,891,970 | -17.3% | 8,412,598 | 9,321,299 | -9.7% | 230.3% |
| Symonston | 144 | 210 EUR | 15,600 | 14,920 | 4.6% | 49,300 | 51,990 | -5.2% | 8.6% |
| Leeton | 7,261 | 38 EUR | 1,333,104 | 1,166,220 | 14.3% | 4,158,724 | 4,084,740 | 1.8% | -4.7% |
| Fivebough | 7,261 | 42 EUR | 1,238,604 | 1,159,290 | 6.8% | 3,820,918 | 3,939,210 | -3.0% | -2.8% |
| Total Australian PP | 14,666 | 41 EUR | 2,587,308 | 2,340,430 | 10.5% | 8,028,942 | 8,075,940 | -0.6% | -3.7% |
| Total | 131,093 | 133 EUR | 12,990,912 | 15,974,590 | -18.7% | 30,039,929 | 34,037,468 | -11.7% | 23.7% |
Notes:
Capacity: installed capacity of the power plant Prod.: production in the reporting month - Proj.: projection in the reporting month
Perf.: performance of the power plant in reporting month i.e. (production in Month / projection for Month) - 1. YTD Prod.: accumulated production year-to-date i.e. Jan- the end of the report. month.
YTD Proj.: accumulated projection year-to-date i.e. Jan - the end of the reporting month. Perf. YTD: performance of the pp YTD i.e. (YTD prod. in 2024 / YTD proj. in 2024) – 1. YTD YOY: (YTD Prod. in 2024 / YTD Prod. in 2023) – 1.
Chart 1.a Czech Portfolio Generation YTD 2024 Chart 1.b Slovak Portfolio Generation YTD 2024
Chart 1.c Hungarian Portfolio Generation YTD 2024 Chart 1.d Australian Portfolio Generation YTD 2024
3. Average Revenues Realised by Our Power Plants
The table below represents an estimation of average prices realized on sales of electricity from our generation assets. Estimates of revenues are based on the management reports and may deviate from final financial statements due to exchange rates.
Table 2. Estimated Revenues from Electricity Generation in March 2024
| Portfolio | Capacity | Prod. March | Avg. Revenue March |
Total Revenue March |
YTD Avg. Revenue |
YTD Revenue |
|---|---|---|---|---|---|---|
| Unit | MWp | MWh | EUR/MWh | In Euro thousand | EUR/MWh, in 2024 | In Euro thousand |
| Czech Republic1 | 15.0 | 1,359 | 637 | 866 | 640 | 1,613 |
| Slovakia1 | 10.4 | 802 | 263 | 211 | 263 | 321 |
| Hungary | 51.8 | 4,198 | 58 | 242 | 69 | 646 |
| Romania | 39.2 | 4,045 | 74 | 300 | 81 | 686 |
| Australia3 | 14.7 | 2,587 | 41 | 106 | 66 | 532 |
| Total Portfolio | 131.1 | 12,991 | 133 | 1,725 | 131 | 3,798 |
1 – Slovakian and Czech power plants benefit from a fixed feed-in-tariff support.
2 Slovak joint-ventures SK SPV 1 s.r.o., Solarpark Polianka s.r.o., and Solarpark Myjava s.r.o. are not presented in the above table.
3 Realized market electricity price + Australian Large-scale Generation Certificate spot closing price in Australia.
In March 2024, all power plant in Romania and 46.2 MWp in Hungary were selling electricity under merchant model. Remaining 5.6 MWp in Hungary remained in Feed-in-Tariff.
4. Reporting on the Project Pipeline
Project development is a crucial activity in Photon Energy's business model of covering the entire value chain of PV power plants. The main objective of project development activities is to expand our PV proprietary portfolio, which provides recurring revenues and free cash flows to the Group. For financial or strategic reasons, we may decide to cooperate with third-party investors either on a jointventure basis or with the goal of exiting the projects to such investors entirely. Ownership of project rights provides us with a high level of control and allows locking in EPC (one-off) and O&M (long-term) services. As a result, project development is a key driver for our future growth. Our experience in project development and financing in various markets and jurisdictions is an important competitive advantage and mitigates the inherent risks related to project development.
Table 3. Projects under development as of the reporting date (DC capacity)*
| Country | 1. Feasibility* | 2. Early development |
3. Advanced development |
4. Ready-to-build technical |
5. Under construction |
Total in MWp |
|---|---|---|---|---|---|---|
| Romania | 14.9 | 90.3 | 67.8 | 30.0 | 12.4 | 215.4 |
| Poland | 252.5 | 16.8 | 20.3 | - | - | 289.6 |
| Hungary | 25.0 | 2.7 | 4.1 | - | 31.7 | |
| Australia | 455.0 | 200.0 | 9.8 | - | - | 664.8 |
| Total in MWp | 747.4 | 307.1 | 100.6 | 34.0 | 12.4 | 1,201.6 |
*Development phases are described in the glossary available at the end of this chapter. Photon Energy refers to the installed DC capacity of projects expressed in Megawatt peak (MWp) in its reporting, which might fluctuate over the project development process .
**Projects in feasibility stage 1. are presented at AC capacity as DC is difficult to estimate at the early -stage of utility scale projects.
Chart 2. Project pipeline as of the reporting date, in MWp DC
Summary of the changes in the projects underdevelopment during the reporting month:
► In Romania, about 12.2 MWp of projects have advanced in the development process and moved from the phase 3. Advanced developmentto phase 4. Ready-to-build technically.
As for the second batch of projects under construction (20.1 MWp) anotherpower plant in Magureni with the capacity of 1.7 MWp was commissioned as of 1 April 2024. This project is still presented in the projects under construction in March as the electricity generation and invoicing have started only as of 1 April 2024 and will be reported in the next report. In case of projects Sarulesti (3.2 MWp) and Faget 3 (7.5 MWp) the commissioning process is undergoing, adhering to the DSO schedule which required the delay of conformity tests and certification, compared to our original schedule.
We continue the sale process for our largest utility-scale PV project in Romania, located in Gorj county, with a total capacity of 54 MWp. The duration of sales negotiations has extended
due to changing market conditions, including the announcement of Romanian contract for difference (CfD) scheme and capex subsidy from EU modernization fund. Those regulatory opportunities will impact the solar market in Romania and consequently might delay the conclusion of our sales negotiations.
- ► In Hungary, upon receiving a negative response for the grid connection capacity request, we have dropped the development of 12.6 MWp of PVprojects at the early, feasibility stage.
- ► In Poland, we continue negotiations on the sale of projects under development with a total capacity of over30 MWp. Negotiations are taking longer than expected, so it is reasonable to assume that the closing will be pushed to Q2 2024 for both transactions.
- ► The pipeline in Australia is currently under revision.
| Country | Location | Dev. phase |
Equity share |
MWp DC |
Commercial Model |
Land | Grid connection |
Construction permit |
Expected SoC1 |
Update on the project |
|---|---|---|---|---|---|---|---|---|---|---|
| Romania | Tamadu Mare-1 | 4 | 100% | 4.1 | Merchant/PPA | Secured | Secured | Secured | Q2 2024 | Projects adheres to DSO schedule for grid reinforcement works |
| Romania | Tamadu Mare-2 | 4 | 100% | 6.1 | Merchant/PPA | Secured | Secured | Secured | Q2 2024 | Projects adheres to DSO schedule for grid reinforcement works |
| Romania | Sannicolau Mare | 4 | 100% | 7.5 | Merchant/PPA | Secured | Secured | Secured | Q2 2024 | Project awaits DSO relocation of overhead cable prior to start of construction. |
| Romania | Guilvaz | 4 | 100% | 6.1 | Merchant/PPA | Secured | Secured | Secured | Q2 2025 | Project procurement in planning |
| Romania | Faget 5 | 4 | 100% | 6.2 | Merchant/PPA | Secured | Secured | Secured | Q2 2025 | Project procurement in planning |
| Hungary | Tolna 2 | 4 | 100% | 1.36 | Merchant/PPA | Secured | Secured | Secured | Q2 2024 | Construction date delayed due to DSO commissioning timeline. |
| Hungary | Tolna 3 | 4 | 100% | 1.36 | Merchant/PPA | Secured | Secured | Secured | Q2 2024 | Construction date delayed due to DSO commissioning timeline. |
| Hungary | Tolna 5 | 4 | 100% | 1.36 | Merchant/PPA | Secured | Secured | Secured | Q2 2024 | Construction date delayed due to DSO commissioning timeline. |
| TOTAL | 34.0 |
Table 4. Progress on Projects Ready-to-Build stage 4, as of the reporting date.
1SoC stands for expected start of construction date.
Table 5. Progress on projects under construction, as of the reporting date.
| Country | Location | Dev. phase | Equity share |
MWp DC | Commercial Model | Construction progress | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Romania | Sarulesti | 5 | 100% | 3.2 | Merchant/PPA | 98% | ||||
| Romania | Magureni | 5 | 100% | 1.7 | Merchant/PPA | 98% | ||||
| Romania | Faget 3 | 5 | 100% | 7.5 | Merchant/PPA | 98% | ||||
| TOTAL | 12.4 | |||||||||
| Procurement | Site preparations | Substructures | Technology installed | Connection works | Comissioning |
| Glossary of terms | Definitions |
|---|---|
| Development phase 1: "Feasibility" |
LOI or MOU signed, location scouted and analyzed, working on land lease/purchase, environmental assessment and ap plication for grid connection. |
| Development phase 2: "Early development" |
Signing of land option, lease or purchase agreement, Environmental assessment (environmental impact studies "EIS" for Australia), preliminary design. Specific to Europe: Application for Grid capacity, start work on permitting aspects (construction, connection line, etc.). Specific to Australia: community consultation, technical studies. |
| Development phase 3: "Advanced development" |
In Europe: Finishing work on construction permitting, Receiving of MGT (HU)/ATR (ROM) Letter, Finishing work on permit ting for connection line, etc. In Australia: Site footprint and layout finalised, Environmental Impact Statement and development application lodged. Grid connection studies and design submitted. |
| Development phase 4: "Ready-to-build technical" |
In Europe: Project is technical ready to build, we work on offtake model (if not FIT or auction), securing financing (inter nal/external). In Australia: Development application approved, offer to connect to grid received and detailed design com menced. Financing and off-take models/arrangements (internal/external) under negotiation. |
| Development phase 5: "Under construction" |
Procurement of components, site construction until the connection to the grid. On top for Australian projects, signature of Financing and off-take agreements, reception of Construction certificate, con clusion of connection agreement, EPC agreement, Grid connection works agreements. |
| DC and AC capacity | Electricity grids run on alternating current (AC). Solar modules produce direct current (DC), which is transformed into AC by inverters. Heat, cable lines, inverters and transformers lead to energy losses in the system between the solar modules and the grid connection point. Cumulatively system losses typically add up to 15-20%. Therefore, for a given grid connection capacity a larger module capacity (expressed in Watt peak – Wp) can be installed without exceeding the grid connection limit. At times of extremely high production, inverters can reduce the volume of electricity so that the plant stays within the grid connection limits. |
5. Investor Calendar
The following investor reports will be published in 2024:
- 24 April 2024: Annual report for 2023
- 16 May 2024: Monthly report for April 2024
- 16 May 2024: Quarterly report for Q1 2024
- 14 June 2024: Monthly report for May 2024
- 16 July 2024: Monthly report for June 2024
- 14 August 2024: Monthly report for July 2024
- 19 August 2024: Quarterly report for Q2 2024 / H1 2024
- 13 September 2024: Monthly report for August 2024
- 15 October 2024: Monthly report for September 2024
- 15 November 2024: Monthly report for October 2024
- 18 November 2024: Quarterly report for Q3 2024
- 13 December 2024: Monthly report for November 2024
6. Investor Relations Contact
E-mail: [email protected]
Photon Energy N.V. Barbara Strozzilaan 201 1083 HN Amsterdam The Netherlands Web: www.photonenergy.com
Amsterdam, 15 April 2024
Georg Hotar, Member of the Board of Directors Michael Gartner, Member of the Board of Directors