Photon Energy N.V.

Business and Financial Review • May 11, 2020

The Management Board of Photon Energy N.V. informs that its subsidiary Photon Energy Solutions HU Kft. has completed and grid-connected two photovoltaic power plants with a total installed capacity of 1.4 MWp in the municipality of Kunszentmárton, Hungary. This latest addition expands the Group's installed base in Hungary to 35.0 MWp and its total proprietary portfolio of PV power plants to 60.6 MWp.

The two power plants are connected to the grid of E.ON Tiszántúli Áramhálózati Zrt. and are expected to generate around 1.7 GWh of electricity per year.

The Group will own and operate the power plants through two wholly owned project companies that own one KÁT-METÁR license each. The licenses entitle each power plant to a feed-in tariff of 33,360 HUF per MWh (approx. EUR 95 per MWh) over a period of 17 years and 4 months with a maximum approved and supported production of 13,832 MWh per license. Total annual revenues of those two power plants are expected to amount to EUR 165,000.

Following the revaluation of the Group’s proprietary portfolio according to IAS 16, approximately EUR 0.3 million will be recorded as the Group’s Other Comprehensive Income in the Q2 2020 Consolidated Income Statement.