Photon Energy N.V.

Regulatory Filings • May 6, 2020

The Management Board of Photon Energy N.V. informs that its subsidiary Photon Energy Solutions HU Kft. has completed and grid-connected three photovoltaic power plants with a total installed capacity of 2.1 MWp in the municipality of Mályi, Hungary. This latest addition expands the Group's installed base in Hungary to 33.6 MWp and its total proprietary portfolio of PV power plants to 59.2 MWp.

The three power plants are connected to the grid of ÉMÁSZ Hálózati Kft. and are expected to generate around 2.52 GWh of electricity per year.

The Group will own and operate the power plants through three wholly owned project companies that own one KÁT 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 25 years with a maximum approved and supported production of approximately 16,500 MWh per license. Total annual revenues of all three power plants are expected to amount to EUR 240,000.

Following the revaluation of the Group’s proprietary portfolio according to IAS 16, approximately EUR 0.5 million will be recorded as the Group’s Other Comprehensive Income in the Q2 2020 Consolidated Income Statement.