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Photon Energy N.V.
Regulatory Filings • Dec 14, 2023
5761_rns_2023-12-14_eb455a9e-77a7-44fa-9807-1be4eb467871.pdf
Regulatory Filings
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Photon Energy N.V.
Monthly Report for November 2023
For the period from 1 to 30 November 2023
1. Short Summary of Business Highlights in the Reporting Period
1.1 Generation Results of Photon Energy Proprietary Power Plants
In November, the total electricity production of our proprietary portfolio amounted to 7.1 GWh compared to 5.1 GWh a year earlier, up by 37.1% YoY. The output growth was achieved primarily thanks to new capacities added in Romania this year and also better average specific yield of our portfolio.
The year-to-date accumulated electricity generation amounted to 133.3 GWh, compared to 116.6 GWh a year earlier, up by 14.4% YoY.
As per geographical split, the Czech and Slovak power plants performed very well and generated 6.2% and 8.0% above the energy audits, respectively. Hungarian, Romanian and Australian power plants generated less than expected, by 15.6%, 17.3% and 7.0%, respectively. As a result, the total production in November came 10.4% below the energy audits.
The specific yields of our proprietary portfolio (SY), which shows the production efficiency of PV technology, amounted to an average of 57.2 kWh/kWp in November, compared to 56.0 kWh/kWp a year earlier, up by 2.2% YoY.
For details, please refer to chapter 2: Generation Results.
1.2 Average Electricity Prices Realised by Our Proprietary Power Plants
We currently sell electricity on a merchant model from 87% of our proprietary capacity, a total of 107.2 MWp out of 123.4 MWp of our generation assets.
The average realised electricity prices in November amounted to EUR 123 per MWh compared to EUR 202 per MWh a year ago, resulting in a decline of 39.1% YoY. The average realised price on the total portfolio year-to-date amounted to EUR 164 per MWh.
The highest average prices were realised by our Czech power plants, with an average of EUR 611 per MWh, which benefit from the subsidy element in the form of the green bonus system. The lowest prices were achieved in Australia, with an average of EUR 60 per MWh. For details, please refer to chapter 3: Average Revenues Realised by Our Power Plants.
1.3 Developments in the Project Pipeline.
The progress made on the construction works of the second batch of power plants in Romania, significant strides have been achieved in completing the projects. As of the reporting date, four out of the five projects (Faget 2, Faget 3, Bocsa, and Magureni) with a combined capacity of 18.2 MWp have reached technological completion, and the connection works have been finalized.
However, before these power plants can begin supplying electricity to the grid and generating revenue through invoicing, certain steps need to be completed. The documentation related to the power plants must be finalized, and the connection protocol must be approved by the respective Distribution System Operators (DSOs). This phase is commonly referred to as the commissioning of the power plant.
Among the projects, Faget 2, with a capacity of 3.9 MWp AC, is the most advanced. It has submitted initial documentation and has received notification for the energization of electrical installations during a trial period. Faget 2 is currently awaiting the installation of the DSO's meter before proceeding with energization. The project maintains the potential to be energized within December 2023, allowing for the feeding and invoicing of the generated electricity.
Overall, the completion of these power plants represents a significant step forward in enhancing the generation capacity of our IPP in Romania and expected to boost the economic benefits through electricity sales in 2024.
1.4 Further Growth of Operations & Maintenance Contracts to Over 650 MWp
As promised in our last Q3 2023 report, Photon Energy Group has successfully expanded its O&M portfolio by additional 109 MWp of new capacities acquired under O&M contracts. Photon Energy's Operations & Maintenance division now has a total of 657 MWp of installed PV capacity under O&M contract in its key CEE markets and Australia, resulting in 71.3% increase year-todate.
In particular we are honoured and thrilled to have gained the trust of a leading Swedish developer of renewable energy sources, which has signed an operations and maintenance contract to provide full O&M support for two power plants with a combined installed capacity of 100.19 MWp. The power plants are located in Rutki and Góra, both in Opole County, Poland. The contract has been concluded for an initial period of two years.
We see it both as a major commitment and a testament to our approach to the operations and maintenance of PV assets. As an O&M service provider, our goal is to provide the best solution in terms of scope, expertise and value with our team of dedicated technicians. Photon Energy's footprint with in-house PV O&M services teams in five of the key CEE markets paired with 14 years of experience puts us into a unique position to serve both local and international investors with PV assets across multiple markets alike. In the light of the continuing growth in installed capacity in Poland and the expected acceleration in Romania and the Czech Republic in coming years, we see significant further growth potential beyond next year. This contract represents a major milestone in the competitive Polish PV market as part of the Company's goal to grow its global O&M portfolio to 1.0 GWp by year-end 2024.
For more details please see chapter 5 on page 9.
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 November 2023
| Project name | Capacity | Revenue Nov | Prod. Nov | Proj. Nov | Perf. | YTD Prod. | YTD Proj. | Perf. | YTD YoY |
|---|---|---|---|---|---|---|---|---|---|
| Unit | kWp | per MWh | kWh | kWh | % | kWh | kWh | % | % |
| Komorovice | 2,354 | 605 EUR | 69,776 | 74,856 | -6.8% | 2,428,013 | 2,491,185 | -2.5% | -4.9% |
| Zvíkov I | 2,031 | 606 EUR | 81,073 | 76,065 | 6.6% | 2,194,933 | 2,262,609 | -3.0% | -2.2% |
| Dolní Dvořiště | 1,645 | 606 EUR | 53,262 | 63,523 | -16.2% | 1,587,469 | 1,656,612 | -4.2% | -3.0% |
| Svatoslav | 1,231 | 606 EUR | 36,029 | 29,122 | 23.7% | 1,126,687 | 1,194,890 | -5.7% | -6.9% |
| Slavkov | 1,159 | 606 EUR | 47,440 | 39,341 | 20.6% | 1,277,024 | 1,335,153 | -4.4% | -6.6% |
| Mostkovice SPV 1 | 210 | 570 EUR | 6,364 | 5,802 | 9.7% | 206,522 | 218,318 | -5.4% | -7.2% |
| Mostkovice SPV 3 | 926 | 711 EUR | 29,545 | 24,845 | 18.9% | 947,969 | 983,893 | -3.7% | -6.7% |
| Zdice I | 1,499 | 606 EUR | 60,723 | 48,167 | 26.1% | 1,673,871 | 1,678,129 | -0.3% | -2.6% |
| Zdice II | 1,499 | 606 EUR | 60,922 | 49,119 | 24.0% | 1,675,675 | 1,708,364 | -1.9% | -3.8% |
| Radvanice | 2,305 | 605 EUR | 68,314 | 73,167 | -6.6% | 2,430,879 | 2,501,968 | -2.8% | -4.5% |
| Břeclav rooftop | 137 | 573 EUR | 6,019 | 4,990 | 20.6% | 148,517 | 151,045 | -1.7% | -8.1% |
| Total Czech PP | 14,996 | 611 EUR | 519,467 | 488,999 | 6.2% | 15,697,559 | 16,182,167 | -3.0% | -4.4% |
| Babiná II | 999 | 271 EUR | 31,315 | 27,392 | 14.3% | 897,735 | 958,412 | -6.3% | -10.2% |
| Babina III | 999 | 271 EUR | 31,353 | 27,922 | 12.3% | 863,559 | 971,195 | -11.1% | -13.0% |
| Prša I. | 999 | 270 EUR | 32,860 | 28,233 | 16.4% | 966,831 | 1,021,436 | -5.3% | -7.8% |
| Blatna | 700 | 273 EUR | 27,137 | 19,672 | 37.9% | 690,497 | 708,822 | -2.6% | -4.5% |
| Mokra Luka 1 | 963 | 258 EUR | 44,487 | 42,607 | 4.4% | 1,111,535 | 1,126,648 | -1.3% | -8.3% |
| Mokra Luka 2 | 963 | 257 EUR | 47,182 | 45,071 | 4.7% | 1,125,868 | 1,168,315 | -3.6% | -8.6% |
| Jovice 1 | 979 | 263 EUR | 30,040 | 27,542 | 9.1% | 869,865 | 880,652 | -1.2% | -5.0% |
| Jovice 2 | 979 | 263 EUR | 29,755 | 27,120 | 9.7% | 851,685 | 875,804 | -2.8% | -6.2% |
| Brestovec | 850 | 257 EUR | 30,878 | 32,973 | -6.4% | 956,527 | 1,008,556 | -5.2% | -7.9% |
| Polianka | 999 | 261 EUR | 29,026 | 26,891 | 7.9% | 936,939 | 969,940 | -3.4% | -5.6% |
| Myjava | 999 | 259 EUR | 33,853 | 35,344 | -4.2% | 1,049,453 | 1,110,853 | -5.5% | -6.6% |
| Total Slovak PP | 10,429 | 263 EUR | 367,885 | 340,767 | 8.0% | 10,320,495 | 10,800,634 | -4.4% | -7.7% |
| Tiszakécske 1 | 689 | 92 EUR | 32,379 | 31,318 | 3.4% | 827,413 | 835,224 | -0.9% | -3.7% |
| Tiszakécske 2 | 689 | 92 EUR | 33,105 | 31,318 | 5.7% | 833,156 | 835,224 | -0.2% | -3.5% |
| Tiszakécske 3 | 689 | 92 EUR | 28,881 | 31,318 | -7.8% | 804,469 | 835,224 | -3.7% | -3.8% |
| Tiszakécske 4 | 689 | 92 EUR | 33,522 | 31,318 | 7.0% | 835,206 | 835,224 | 0.0% | -3.1% |
| Tiszakécske 5 | 689 | 92 EUR | 32,515 | 31,318 | 3.8% | 817,672 | 835,224 | -2.1% | -4.9% |
| Tiszakécske 6 | 689 | 92 EUR | 32,738 | 31,318 | 4.5% | 829,822 | 835,224 | -0.6% | -3.6% |
| Tiszakécske 7 | 689 | 92 EUR | 33,001 | 31,318 | 5.4% | 831,043 | 835,224 | -0.5% | -3.7% |
| Tiszakécske 8 | 689 | 92 EUR | 31,845 | 31,318 | 1.7% | 821,483 | 835,224 | -1.6% | -3.4% |
| Almásfüzitő 1 | 695 | 93 EUR | 27,066 | 30,596 | -11.5% | 784,993 | 815,953 | -3.8% | -7.3% |
| Almásfüzitő 2 | 695 | 93 EUR | 25,599 | 29,719 | -13.9% | 761,390 | 792,564 | -3.9% | -7.4% |
| Almásfüzitő 3 | 695 | 93 EUR | 27,307 | 29,666 | -8.0% | 752,509 | 791,153 | -4.9% | -8.4% |
| Almásfüzitő 4 | 695 | 93 EUR | 26,945 | 30,633 | -12.0% | 785,337 | 816,949 | -3.9% | -7.4% |
| Almásfüzitő 5 | 695 | 93 EUR | 30,296 | 31,053 | -2.4% | 802,715 | 828,144 | -3.1% | -6.6% |
| Almásfüzitő 6 | 660 | 93 EUR | 29,053 | 30,878 | -5.9% | 797,588 | 823,480 | -3.1% | -6.7% |
| Almásfüzitő 7 | 691 | 93 EUR | 28,664 | 30,735 | -6.7% | 797,195 | 819,663 | -2.7% | -6.3% |
| Almásfüzitő 8 | 668 | 93 EUR | 27,302 | 30,237 | -9.7% | 801,802 | 806,394 | -0.6% | -4.2% |
| Nagyecsed 1 | 689 | 91 EUR | 24,894 | 33,045 | -24.7% | 823,782 | 795,908 | 3.5% | -2.0% |
| Nagyecsed 2 | 689 | 91 EUR | 24,376 | 33,045 | -26.2% | 814,339 | 795,908 | 2.3% | -4.0% |
| Nagyecsed 3 | 689 | 91 EUR | 24,573 | 32,810 | -25.1% | 808,329 | 796,585 | 1.5% | -5.6% |
| Fertod I | 528 | 93 EUR | 27,521 | 22,667 | 21.4% | 638,809 | 604,497 | 5.7% | -3.6% |
| Fertod II No 2 | 699 | 94 EUR | 39,563 | 30,388 | 30.2% | 835,489 | 810,417 | 3.1% | -3.6% |
| Fertod II No 3 | 699 | 94 EUR | 39,735 | 30,252 | 31.3% | 834,982 | 806,784 | 3.5% | -3.3% |
| Fertod II No 4 | 699 | 94 EUR | 39,501 | 30,013 | 31.6% | 831,916 | 800,420 | 3.9% | -3.1% |
| Fertod II No 5 | 691 | 94 EUR | 39,422 | 29,709 | 32.7% | 821,916 | 792,311 | 3.7% | -4.2% |
| Fertod II No 6 | 699 | 94 EUR | 39,326 | 29,921 | 31.4% | 828,734 | 797,959 | 3.9% | -2.9% |
| Kunszentmárton I/ 1 | 697 | 91 EUR | 38,487 | 32,482 | 18.5% | 869,057 | 866,264 | 0.3% | -2.2% |
| Project name | Capacity | Revenue Nov | Prod. Nov | Proj. Nov | Perf. | YTD Prod. | YTD Proj. | Perf. | YTD YoY |
|---|---|---|---|---|---|---|---|---|---|
| Unit | kWp | per MWh, | kWh | kWh | % | kWh | kWh | % | % |
| Kunszentmárton I No 2 | 697 | 91 EUR | 36,877 | 32,482 | 13.5% | 861,569 | 866,264 | -0.5% | -2.7% |
| Kunszentmárton II No 1 | 693 | 91 EUR | 39,283 | 31,311 | 25.5% | 844,727 | 835,044 | 1.2% | -6.1% |
| Kunszentmárton II No 2 | 693 | 91 EUR | 38,846 | 31,311 | 24.1% | 880,720 | 835,044 | 5.5% | -2.5% |
| Taszár 1 | 701 | 95 EUR | 41,311 | 28,295 | 46.0% | 823,443 | 754,607 | 9.1% | -4.4% |
| Taszár 2 | 701 | 96 EUR | 41,895 | 28,724 | 45.9% | 829,395 | 766,052 | 8.3% | -5.2% |
| Taszár 3 | 701 | 96 EUR | 41,817 | 28,803 | 45.2% | 835,702 | 768,140 | 8.8% | -4.7% |
| Monor 1 | 688 | 111 EUR | 13,453 | 31,128 | -56.8% | 758,559 | 830,147 | -8.6% | -13.3% |
| Monor 2 | 696 | 108 EUR | 18,109 | 30,788 | -41.2% | 758,052 | 821,097 | -7.7% | -12.4% |
| Monor 3 | 696 | 109 EUR | 18,536 | 31,149 | -40.5% | 763,240 | 830,719 | -8.1% | -12.8% |
| Monor 4 | 696 | 108 EUR | 18,749 | 31,122 | -39.8% | 761,549 | 830,003 | -8.2% | -12.9% |
| Monor 5 | 688 | 108 EUR | 19,088 | 29,913 | -36.2% | 763,519 | 797,744 | -4.3% | -9.2% |
| Monor 6 | 696 | 108 EUR | 18,968 | 31,087 | -39.0% | 757,826 | 829,068 | -8.6% | -13.2% |
| Monor 7 | 696 | 108 EUR | 18,973 | 31,042 | -38.9% | 761,181 | 827,863 | -8.1% | -12.7% |
| Monor 8 | 696 | 109 EUR | 18,851 | 31,282 | -39.7% | 765,275 | 834,260 | -8.3% | -12.9% |
| Tata 1 | 672 | 94 EUR | 23,128 | 34,081 | -32.1% | 845,785 | 908,899 | -6.9% | -8.2% |
| Tata 2 | 676 | 92 EUR | 25,862 | 34,205 | -24.4% | 748,510 | 912,228 | -17.9% | -8.7% |
| Tata 3 | 667 | 92 EUR | 25,957 | 34,205 | -24.1% | 749,071 | 912,228 | -17.9% | -9.0% |
| Tata 4 | 672 | 94 EUR | 24,090 | 34,677 | -30.5% | 857,376 | 924,815 | -7.3% | -8.6% |
| Tata 5 | 672 | 94 EUR | 23,703 | 34,205 | -30.7% | 848,321 | 912,228 | -7.0% | -8.7% |
| Tata 6 | 672 | 95 EUR | 23,303 | 33,343 | -30.1% | 835,111 | 889,213 | -6.1% | -7.4% |
| Tata 7 | 672 | 94 EUR | 23,382 | 34,205 | -31.6% | 841,115 | 912,228 | -7.8% | -9.3% |
| Tata 8 | 672 | 94 EUR | 24,187 | 34,721 | -30.3% | 854,606 | 925,984 | -7.7% | -9.0% |
| Malyi 1 | 695 | 94 EUR | 28,530 | 30,196 | -5.5% | 826,676 | 799,790 | 3.4% | -1.6% |
| Malyi 2 | 695 | 94 EUR | 28,943 | 30,296 | -4.5% | 826,103 | 800,790 | 3.2% | -3.8% |
| Malyi 3 | 695 | 94 EUR | 29,081 | 30,296 | -4.0% | 817,121 | 800,790 | 2.0% | -4.9% |
| Puspokladány 1 | 1,406 | 106 EUR | 47,428 | 73,568 | -35.5% | 1,783,319 | 1,961,987 | -9.1% | -8.0% |
| Puspokladány 2 | 1,420 | 96 EUR | 48,247 | 76,097 | -36.6% | 1,805,089 | 2,029,422 | -11.1% | -10.0% |
| Puspokladány 3 | 1,420 | 96 EUR | 47,820 | 74,742 | -36.0% | 1,796,804 | 1,993,308 | -9.9% | -8.8% |
| Puspokladány 4 | 1,406 | 97 EUR | 48,006 | 72,833 | -34.1% | 1,792,396 | 1,942,392 | -7.7% | -8.2% |
| Puspokladány 5 | 1,420 | 98 EUR | 52,526 | 74,863 | -29.8% | 1,839,527 | 1,996,536 | -7.9% | -8.4% |
| Puspokladány 6 | 1,394 | 106 EUR | 46,609 | 72,435 | -35.7% | 1,565,311 | 1,931,759 | -19.0% | -19.4% |
| Puspokladány 7 | 1,406 | 106 EUR | 46,149 | 74,403 | -38.0% | 1,801,406 | 1,984,244 | -9.2% | -7.8% |
| Puspokladány 8 | 1,420 | 96 EUR | 48,261 | 74,941 | -35.6% | 1,708,007 | 1,998,606 | -14.5% | -13.2% |
| Puspokladány 9 | 1,406 | 106 EUR | 42,828 | 74,512 | -42.5% | 1,807,500 | 1,987,173 | -9.0% | -7.8% |
| Puspokladány 10 | 1,420 | 96 EUR | 48,298 | 74,831 | -35.5% | 1,814,163 | 1,995,677 | -9.1% | -7.8% |
| Tolna | 1,358 | 96 EUR | 70,790 | 76,457 | -7.4% | 1,971,733 | 2,039,041 | -3.3% | -3.8% |
| Facankert (Tolna 2) | 1,358 | 97 EUR | 70,690 | 77,746 | -9.1% | 2,020,208 | 2,073,402 | -2.6% | N/A |
| Total Hungarian PP | 51,814 | 96 EUR | 2,100,188 | 2,488,688 | -15.6% | 62,911,159 | 66,101,933 | -4.8% | -6.3% |
| Siria | 5,691 | 105 EUR | 224,464 | 313,000 | -28.3% | 6,939,584 | 7,490,011 | -7.3% | N/A |
| Calafat 1 | 2,890 | 105 EUR | 163,121 | 189,195 | -13.8% | 2,165,238 | 3,528,738 | -38.6% | N/A |
| Calafat 2 | 1,935 | 105 EUR | 100,312 | 120,788 | -17.0% | 1,483,407 | 2,356,851 | -37.1% | N/A |
| Calafat 3 | 1,203 | 105 EUR | 64,856 | 79,768 | -18.7% | 975,103 | 1,571,024 | -37.9% | N/A |
| Aiud | 4,730 | 105 EUR | 219,600 | 240,000 | -8.5% | 3,320,120 | 6,128,000 | -45.8% | N/A |
| Teius | 4,730 | 105 EUR | 205,800 | 244,000 | -15.7% | 2,982,700 | 6,287,000 | -52.6% | N/A |
| Făget | 3,178 | 105 EUR | 99,696 | 174,100 | -42.7% | 825,696 | 4,051,400 | -79.6% | N/A |
| Săhăteni | 7,112 | 105 EUR | 375,130 | 396,920 | -5.5% | 1,399,880 | 9,742,356 | -85.6% | N/A |
| Total Romanian PP2 | 31,469 | 105 EUR | 1,452,979 | 1,757,770 | -17.3% | 20,091,728 | 41,155,380 | -51.2% | N/A |
| Symonston | 144 | 189 EUR | 20,759 | 18,917 | 9.7% | 139,654 | 145,018 | -3.7% | 2.1% |
| Leeton | 7,261 | 60 EUR | 1,301,766 | 1,403,298 | -7.2% | 12,438,842 | 12,712,641 | -2.2% | 14.0% |
| Fivebough | 7,261 | 60 EUR | 1,292,867 | 1,389,305 | -6.9% | 11,792,726 | 12,547,723 | -6.0% | 9.6% |
| Total Australian PP | 14,744 | 60 EUR | 2,615,392 | 2,811,520 | -7.0% | 24,371,223 | 25,405,382 | -4.1% | 11.8% |
| Total | 123,374 | 123 EUR | 7,055,911 | 7,887,745 | -10.5% | 133,392,163 | 159,645,495 | -16.4% | 14.4% |
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 2023 / YTD proj. in 2023) – 1. YTD YOY: (YTD Prod. in 2023 / YTD Prod. in 2022) – 1.
Chart 1.a Total Production of the Czech Portfolio Chart 1.b Total Production of the Slovak Portfolio
Chart 1.c Total Production of the Hungarian Portfolio Chart 1.d Total Production of the Australian Portfolio
As per geographical split, the Czech and Slovak power plants performed very well and generated 6.2% and 8.0% above the energy audits, respectively. Hungarian power plants delivered 15.6% of electricity below expectations, mainly due the outage of eight power plants in Monor, with the total capacity of 5.5 MWp. The failure of the DSO's switch station which started early in October 2023 was fixed on 10 November 2023 but still negatively impacting the overall monthly performance. Photon Energy is entitled to the compensation for the loss of revenue, which relates to the grid
0 5,000 10,000 15,000 20,000 25,000 Cumulative production in MWh 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 Q2 Q3 October November
connection line failure. Romanian power plants continued to report weaker results this year, 17.3% below expectations. In Australia the generation results came 7.0% below expectations, compared to the energy audits. As a results the total production in November came 10.4% below the energy audits.
The specific yields of our proprietary portfolio (SY), which shows the production efficiency of PV technology, amounted to an average of 57.2 kWh/kWp compared to 56.0 kWh/kWp a year earlier
3. Average Revenues Realized 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.
| Portfolio | Capacity | Prod. November | Avg. Revenue November |
Total Revenue November |
YTD Avg. Revenue |
YTD Revenue |
|---|---|---|---|---|---|---|
| Unit | MWp | MWh | EUR/MWh | In Euro thousand | EUR/MWh, in 2023 | In Euro thousand |
| Czech Republic1 | 15.0 | 519 | 611 | 317 | 636 | 9,989 |
| Slovakia2 | 10.4 | 368 | 263 | 73 | 263 | 1,955 |
| Hungary | 51.8 | 2,100 | 96 | 202 | 91 | 5,703 |
| Romania | 21.2 | 1,453 | 105 | 152 | 98 | 1,967 |
| Australia3 | 14.7 | 2,615 | 60 | 157 | 61 | 1,477 |
| Total Portfolio | 113.1 | 7,056 | 123 | 866 | 164 | 21,091 |
Table 2. Estimated Revenues from Electricity Generation in November 2023
1 - Green Bonus + realized electricity price during the reporting period in the Czech Republic.
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. Remaining power plants recieve a fixed feed-in-tarrif. 3 Realized market electricity price + Australian Large-scale Generation Certificate spot closing price in Australia.
All power plant in Romania and 46.2 MWp in Hungary sells electricty under merchant model. Remaining 4.6 MWp in Hungary remains in Feed-in-Tarrif.
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 the PV proprietary portfolio, which provides recurring revenues and free cash flows to the Group. For financial or strategic reasons Photon Energy may decide to cooperate with third-party investors either on a joint-venture basis or with the goal of exiting the projects to such investors entirely. Ownership of project rights provides Photon Energy with a high level of control and allows locking in EPC (one-off) and O&M (long-term) services. Hence, project development is a key driver for Photon Energy's future growth. The Group's 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. Projects currently developed by the Photon Energy group are presented in the below table.
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 | 8.4 | 90.3 | 80.1 | 17.7 | 20.1 | 216.6 |
| Poland | 272.8 | 15.2 | 24.2 | - | - | 312.2 |
| Hungary | 37.6 | 2.7 | 4.1 | - | 44.4 | |
| Australia | 455.0 | 200.0 | 9.8 | - | - | 664.8 |
| Total in MWp | 773.8 | 305.5 | 116.8 | 21.8 | 20.1 | 1,238.0 |
*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
During the reporting month the following changes took place in the project development pipeline:
► Further progress has been made on the construction works of the second batch of power plants in Romania, with a total capacity of 20.1 MWp. As of the reporting date, 4 out of 5 projects (Faget 2, Faget 3, Bocsa and Magureni), with the total capacity of 18.2 MWp, are technologically completed and the connection works have been finalized. Before these power plants are energised and start feeding electricity to the grid, which will mean invoicing for electricity, documentation must be completed and the connection protocol approved by the respective DSOs – this phase is called commissioning of the power plant. Faget 2, Magureni and Bocsa have applied with initial documentation; Whereas Faget 2 with the capacity of 3.9 MWp AC is most advanced and has received the notification for the energization of electrical installations during a trial period and awaits the installation of the DSO's meter before energization. Faget 2 maintains the potential to be energized within December allowing to feed and invoice for generated electricity. With the exception of Sarulesti all other powerplants are expected to complete commissioning and be energized in early 2024. The fifth project in Sarulesti, which will have a capacity of 3.2 MWp, the DSO needs to execute reinforcement works related to strengthening the power line which is scheduled for February 2024 hence some delays on this project are to be expected and the energising of the plant may take place in Q2 2024.
- ► On the project development side in Hungary there have been no changes in the total capacities under development but some qualitative improvements have been recorded.
- ► In Poland, a single project with the largest grid connection in the market, 20.4 MWp has moved to advanced stage of development and the team now focuses on securing the production cable easements and execution designs for building permit. This project is expected to combine 90% trackers and 10% fixed structure with a levelized production of 1275 kWh/kWp.
| 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. |
| 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 | Q1 2024 | Construction date delayed due to DSO commissioning timeline. |
| TOTAL | 21.8 |
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 | Faget 2 | 5 | 100% | 3.9 | Merchant/PPA | 98% | |||
| Romania | Sarulesti | 5 | 100% | 3.2 | Merchant/PPA | 98% | |||
| Romania | Magureni | 5 | 100% | 1.7 | Merchant/PPA | 98% | |||
| Romania | Bocsa | 5 | 100% | 3.8 | Merchant/PPA | 96% | |||
| Romania | Faget 3 | 5 | 100% | 7.5 | Merchant/PPA | 91% | |||
| TOTAL | 20.1 |
Procurement Site preparations Substructures Technology installed Connection works Comissioning
Projects Highlights:
This month we would like to provide you with more info on the below project:
► Sannicolou Mare 1 & 2 photovoltaic projects located in Timis County, are on track to commence construction in Q2 2024. Currently, we are awaiting the relocation of an overhead line, which is scheduled to be finished by Q1 2024. The Sannicolou Mare projects, encompassing a combined area of 10.13 hectares, connected by neighboring medium voltage grid connections each with a capacity of 3.0 MW AC operated by the DSO, E-Distributie Banat's. Looking ahead to Q1 2024, Photon Energy will begin procuring the key components for these projects, including modules, inverters, transformers, and structures.
In a strategic move to optimize the utility of the land, Photon Energy has facilitated easements for DSO E-Distributie Banat and has actively engaged in engineering efforts to relocate E-Distributie Banat's medium voltage line to the outer perimeter of the plot. This relocation is integral to maximizing the usable area for the 3.70 MWp and 3.68 MWp power plants.
Upon completion, these power plants are expected to seamlessly integrate into Photon Energy Group's proprietary Romanian portfolio, operating on a merchant off-take model. Collectively, they are projected to generate an annual output of approximately 11.0 GWh.
| 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. Operations & Maintenance Reports Further Growth
Photon Energy remained focused on expanding its Operations & Maintenance services and in November 2023 added additional 108.8 MWp of assets to its portfolio. Full O&M services contracts increased by 105.8 MWp in November and amount currently to 606.2 MWp. "Inverter Cardio" services contracts increased by 3.0 MWp and amount to 50.6 MWp. The increase year-to-date amount to a record high-level of 273.5 MWp, which translates into an increase of +71.3% YTD.
Geographically two leading markets for O&M services are currently Poland and Hungary with approximately 271.2 MWp and 161.2 MWp, respectively. Those two are followed by the Czech Republic with nearly 98.3 MWp under O&M contracts. The total capacity of central inverters serviced by our Inverter Cardio team is located primarily in France, Belgium, the Czech Republic, Italy and Slovakia. In some countries like France or Germany the Group is holding a leading market position while in Belgium in particular, the Group is servicing all of the Satcon inverters ever installed.
Chart 3a Full O&M services and inverter cardio, in MWp Chart 3b Full O&M services – geographical split.
6. Investors' calendar
There are no more events planned for this year. The IR calendar for year 2024 will be published early in January 2024.
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7. Investor Relations Contact
E-mail: [email protected]
Photon Energy N.V. Barbara Strozzilaan 201 1083 HN Amsterdam The Netherlands Web: www.photonenergy.com
Amsterdam, 13 December 2023
Georg Hotar, Member of the Board of Directors Michael Gartner, Member of the Board of Directors