Photon Energy N.V.
Monthly Report for April 2024
For the period from 1 to 30 April 2024
Photon Energy N.V. | Monthly Report for April 2024 |
1. Short Summary of Business Highlights in the Reporting Period
1.1 Generation Results of Photon Energy's Proprie- tary Power Plants
April was a very good month for our IPP portfolio. The monthly electricity production of our proprietary portfolio amounted to 18.0 GWh, compared to 11.3 GWh a year earlier, up by 59.8% YoY. Year-to-date (YTD) generation amounted to 48.3 GWh compared to 36.0 GWh a year ago, up by 34.0% YoY. All power plants, except for Hungarian ones, generated more than expected in our energy audits, with the average monthly outperformance ratio of +1.6%. Underperformance of the Hungarian power plants can be attributed to a temporary switch-off of power plants related to the optimisation of the market position, and hence the business result, due to the volatility of the energy markets.
The average specific yield (total generation in the period / average capacity in the period) reached a level of 136.4 kWh/kWp compared to 115.4 kWh/kWp a year earlier, +18.2% YoY.
Total electricity generation YTD represented an avoidance of 16,771 tonnes of CO2e emissions.
For further details, see section 2: Generation Results.
Gartner, one of the Group's founders, its CTO and member of the Board of Directors, has decided to retire from his day-to-day managerial duties, effective as of 31 December 2024. Michael Gartner will not be seeking reappointment to the Board of Directors at the Group's Annual General Meeting on 14 June 2024, but has been nominated to become a member of the Supervisory Board, effective as of 1 January 2025. The Supervisory Board has nominated David Forth, the Group's CFO, to replace Michael Gartner on the Board of Directors of Photon Energy N.V. For more details please ESPI report 13/2024.
1.6 Convocation of the Annual General Meeting
On 2 May, the Management published the convocation notice for its Annual General Meeting of Shareholders to be held at the registered address of the Company at Barbara Strozzilaan 201, 1083 HN Amsterdam, The Netherlands, on 14 June, 2024, at 10:30 a.m. CET. The full set of documents related to this meeting is available in the Corporate Governance section of our Investor relations page at https://www.photonenergy.com/en/investor-relations.html
1.2 Average Electricity Prices Realised by Proprie- tary Power Plants
As of 1 April 2024, our IPP portfolio was rebalanced to a 50/50 split between feed-in-tariff and merchant model. This rebalancing was a major driver behind the increase of an average realised electricity prices from EUR 133 per MWh in March to EUR 151 per MWh in the reporting period, up by +13.7% month-on-month. On the year- on-year basis, realised prices were still about -17.0% below the average of EUR 182 / MWh in April 2023.
The highest average prices were realised by our Czech power plants, with an average of EUR 638 per MWh. Prices realised by our Slovak power plants remain stable at EUR 263 per MWh. In Hungary realised prices increased to an average of EUR 110 / MWh (40.6 MWp under FiT and 11.2 MWp under merchant model). The lower prices were realised in Romania and followed by Aus- tralia with averages of EUR 69/MWh and EUR 47/MWh, respec- tively. In both markets our power plants are almost fully exposed to the energy market prices, which still remain under the pricing pres- sure. For further details, see section 3: Average Revenues Real- ised by Our Power Plants.
1.3 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 Ma- gureni, region Calarasi. The PV installation has a generation capacity of 1.7 MW DC and 1.25 MWp AC.
1.4 Publication of Annual Report and Sustainability Report for 2023
On 30 April March 2024, the management board of Photon Energy N.V. published the Annual Report 2023 which is available at Investor relations section of our website ir.photonenergy.com.
The Sustainability report is available at the following link.
1.5 Announced Changes on the Corporate Bodies
On 2 May, the Board of Directors announced that after more than 16 years of working with the Photon Energy Group, Michael
1.7 Divestment of Projects from Polish Development Pipeline
On 8 May 2024, the Company concluded a preliminary agreement for the sale of a photovoltaic project in Poland with a total capacity of 20.4 MW. The conclusion of the final share purchase agreement will take place after meeting certain conditions precedent, including obtaining full ready-to-build status. The sale price reflects market value and payment will take place in two instalments - an advance payment in Q2 2024 and the closing payment expected in Q4 2024.
This divestment is in line with the Company's strategy which assumes that some of its pure PV projects, which do not guarantee the achievement of ROI required by Photon Energy Group will be sold to third parties or converted to utility PV-hybrid projects or pure utility energy storage projects.
1.8 Signing Financing Agreement for EUR 15 million with EBRD
On May 10 2024, the Company signed a senior secured loan agreement ("Agreement") with European Bank for Reconstruction and Development ("EBRD") for the amount of up to EUR 15 million ("Loan").
The Loan is denominated in EUR. The financing period is 7 years from the date of conclusion of this Agreement. The interest rate on the Loan will be calculated on the basis of a variable reference rate based on the six months Euribor, increased by the bank's margin.
The signing of the Agreement represents the Group's second project financing of European PV assets that operate on a merchant basis, selling energy to the market without a power purchase agreement or state support.
The EBRD's investment will finance the construction and completion of Photon Energy's portfolio of six solar parks with a capacity of 29 MWp in Romania. As part of the project EBRD will also support the Company in expansion of demand response services, capacity market auctions and the research and development CapEx of Lerta S.A. The EBRD's Loan benefits from first-loss risk cover from the European Union (EU) under its InvestEU programme.
Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands | ||
Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | | photonenergy.com | 2/9 |
Photon Energy N.V. | Monthly Report for April 2024 |
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 April 2024
Project name
Unit
Komorovice
Zvíkov I
Dolní Dvořiště
Svatoslav
Slavkov
Mostkovice SPV 1
Mostkovice SPV 3
Zdice I
Zdice II
Radvanice
Břeclav rooftop
Total Czech PP
Babiná II
Babina III
Prša I.
Blatna
Mokra Luka 1
Mokra Luka 2
Jovice 1
Jovice 2
Brestovec
Polianka
Myjava
Total Slovak PP
Tiszakécske 1
Tiszakécske 2
Tiszakécske 3
Tiszakécske 4
Tiszakécske 5
Tiszakécske 6
Tiszakécske 7
Tiszakécske 8
Almásfüzitő 1
Almásfüzitő 2
Almásfüzitő 3
Almásfüzitő 4
Almásfüzitő 5
Almásfüzitő 6
Almásfüzitő 7
Almásfüzitő 8
Nagyecsed 1
Nagyecsed 2
Nagyecsed 3
Fertod I
Fertod II No 2
Fertod II No 3
Fertod II No 4
Fertod II No 5
Fertod II No 6
Kunszentmárton I/ 1
Capacity | Revenue Apr | ||
kWp | per MWh | ||
2,354 | 635 EUR | ||
2,031 | 635 EUR | ||
1,645 | 635 EUR | ||
1,231 | 635 EUR | ||
1,159 | 635 EUR | ||
210 | 635 EUR | ||
926 | 682 EUR | ||
1,499 | 635 EUR | ||
1,499 | 635 EUR | ||
2,305 | 635 EUR | ||
137 | 635 EUR | ||
14,996 | 638 EUR | ||
999 | 271 EUR | ||
999 | 271 EUR | ||
999 | 270 EUR | ||
700 | 273 EUR | ||
963 | 258 EUR | ||
963 | 257 EUR | ||
979 | 263 EUR | ||
979 | 263 EUR | ||
850 | 257 EUR | ||
999 | 261 EUR | ||
999 | 259 EUR | ||
10,429 | 263 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
695 | 120 EUR | ||
695 | 120 EUR | ||
695 | 120 EUR | ||
695 | 120 EUR | ||
695 | 120 EUR | ||
660 | 120 EUR | ||
691 | 120 EUR | ||
668 | 120 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
689 | 120 EUR | ||
528 | 120 EUR | ||
699 | 120 EUR | ||
699 | 120 EUR | ||
699 | 120 EUR | ||
691 | 120 EUR | ||
699 | 120 EUR | ||
697 | 120 EUR |
Prod. Apr | Proj. Apr | Perf. | ||||
kWh | kWh | % | ||||
294,381 | 281,350 | 4.6% | ||||
261,573 | 254,280 | 2.9% | ||||
173,532 | 176,750 | -1.8% | ||||
131,101 | 126,280 | 3.8% | ||||
146,961 | 150,050 | -2.1% | ||||
22,834 | 24,770 | -7.8% | ||||
105,470 | 112,010 | -5.8% | ||||
199,635 | 193,050 | 3.4% | ||||
199,952 | 195,160 | 2.5% | ||||
272,590 | 288,310 | -5.5% | ||||
17,115 | 17,380 | -1.5% | ||||
1,825,144 | 1,819,390 | 0.3% | ||||
99,123 | 94,990 | 4.4% | ||||
98,662 | 97,450 | 1.2% | ||||
105,222 | 104,200 | 1.0% | ||||
78,907 | 75,730 | 4.2% | ||||
125,047 | 112,720 | 10.9% | ||||
125,956 | 114,830 | 9.7% | ||||
97,834 | 87,600 | 11.7% | ||||
99,089 | 85,690 | 15.6% | ||||
110,425 | 108,720 | 1.6% | ||||
103,879 | 103,500 | 0.4% | ||||
125,058 | 119,580 | 4.6% | ||||
1,169,203 | 1,105,010 | 5.8% | ||||
90,021 | 87,200 | 3.2% | ||||
90,829 | 87,330 | 4.0% | ||||
82,602 | 87,240 | -5.3% | ||||
91,047 | 87,560 | 4.0% | ||||
90,538 | 86,760 | 4.4% | ||||
90,129 | 87,330 | 3.2% | ||||
90,393 | 86,310 | 4.7% | ||||
89,829 | 86,150 | 4.3% | ||||
90,653 | 90,670 | 0.0% | ||||
87,597 | 88,070 | -0.5% | ||||
86,836 | 87,910 | -1.2% | ||||
90,998 | 90,780 | 0.2% | ||||
92,271 | 92,020 | 0.3% | ||||
91,553 | 91,510 | 0.0% | ||||
91,805 | 91,080 | 0.8% | ||||
92,772 | 89,610 | 3.5% | ||||
89,142 | 87,330 | 2.1% | ||||
87,442 | 77,740 | 12.5% | ||||
88,270 | 87,940 | 0.4% | ||||
75,045 | 72,450 | 3.6% | ||||
97,451 | 76,210 | 27.9% | ||||
97,492 | 76,540 | 27.4% | ||||
96,822 | 90,090 | 7.5% | ||||
96,552 | 89,410 | 8.0% | ||||
96,215 | 75,750 | 27.0% | ||||
96,383 | 91,940 | 4.8% |
YTD Prod. | YTD Proj. | Perf. | YTD YoY | |||
kWh | kWh | % | % | |||
679,799 | 690,950 | -1.6% | 16.0% | |||
578,493 | 660,430 | -12.4% | 4.8% | |||
422,896 | 454,820 | -7.0% | 10.3% | |||
294,968 | 316,600 | -6.8% | 9.6% | |||
370,420 | 386,970 | -4.3% | 12.0% | |||
58,182 | 62,850 | -7.4% | 4.9% | |||
263,612 | 281,000 | -6.2% | 5.6% | |||
478,773 | 479,200 | -0.1% | 16.4% | |||
479,120 | 487,960 | -1.8% | 16.2% | |||
672,721 | 706,910 | -4.8% | 7.0% | |||
44,573 | 45,400 | -1.8% | 16.6% | |||
4,343,557 | 4,573,089 | -5.0% | 10.9% | |||
231,101 | 237,010 | -2.5% | 0.6% | |||
230,710 | 243,290 | -5.2% | 0.3% | |||
256,748 | 268,840 | -4.5% | 5.0% | |||
196,877 | 176,800 | 11.4% | 14.6% | |||
322,770 | 332,680 | -3.0% | 2.4% | |||
331,734 | 342,980 | -3.3% | 2.6% | |||
236,677 | 225,280 | 5.1% | 6.7% | |||
238,093 | 218,910 | 8.8% | 10.3% | |||
279,170 | 275,550 | 1.3% | 9.5% | |||
250,610 | 240,220 | 4.3% | 12.7% | |||
304,281 | 286,910 | 6.1% | 11.2% | |||
2,878,772 | 2,848,470 | 1.1% | 6.5% | |||
206,712 | 249,890 | -17.3% | -11.7% | |||
209,693 | 251,110 | -16.5% | -11.3% | |||
212,975 | 251,340 | -15.3% | -4.7% | |||
210,897 | 252,070 | -16.3% | -11.2% | |||
208,334 | 252,290 | -17.4% | -11.3% | |||
207,715 | 249,110 | -16.6% | -11.7% | |||
208,759 | 247,880 | -15.8% | -11.5% | |||
205,971 | 238,710 | -13.7% | -11.5% | |||
199,839 | 245,230 | -18.5% | -10.8% | |||
191,660 | 238,200 | -19.5% | -11.8% | |||
194,121 | 237,760 | -18.4% | -11.3% | |||
200,490 | 245,520 | -18.3% | -10.8% | |||
208,604 | 248,890 | -16.2% | -9.5% | |||
204,730 | 247,490 | -17.3% | -10.3% | |||
204,422 | 246,340 | -17.0% | -10.2% | |||
203,837 | 242,350 | -15.9% | -10.3% | |||
234,303 | 240,050 | -2.4% | 2.4% | |||
229,589 | 229,510 | 0.0% | 0.8% | |||
231,683 | 241,550 | -4.1% | 2.3% | |||
184,691 | 194,680 | -5.1% | 5.8% | |||
249,307 | 215,910 | 15.5% | 9.4% | |||
249,759 | 216,840 | 15.2% | 9.5% | |||
248,266 | 251,790 | -1.4% | 9.2% | |||
246,707 | 252,150 | -2.2% | 9.2% | |||
246,917 | 214,610 | 15.1% | 8.8% | |||
263,696 | 267,440 | -1.4% | 6.5% |
Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands | ||
Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | | photonenergy.com | 3/9 |
Photon Energy N.V. | Monthly Report for April 2024 |
Project name
Unit
Kunszentmárton I No 2
Kunszentmárton II No 1
Kunszentmárton II No 2
Taszár 1
Taszár 2
Taszár 3
Monor 1
Monor 2
Monor 3
Monor 4
Monor 5
Monor 6
Monor 7
Monor 8
Tata 1
Tata 2
Tata 3
Tata 4
Tata 5
Tata 6
Tata 7
Tata 8
Malyi 1
Malyi 2
Malyi 3
Puspokladány 1
Puspokladány 2
Puspokladány 3
Puspokladány 4
Puspokladány 5
Puspokladány 6
Puspokladány 7
Puspokladány 8
Puspokladány 9
Puspokladány 10
Tolna
Facankert (Tolna 2)
Total Hungarian PP
Siria
Calafat 1
Calafat 2
Calafat 3
Aiud
Teius
Făget 1
Făget 2
Săhăteni
Magureni
Bocsa
Total Romanian PP2
Symonston
Leeton
Fivebough
Total Australian PP
Total
Capacity | Revenue Apr | ||
kWp | per MWh, | ||
697 | 120 EUR | ||
693 | 120 EUR | ||
693 | 120 EUR | ||
701 | 120 EUR | ||
701 | 120 EUR | ||
701 | 120 EUR | ||
688 | 120 EUR | ||
696 | 120 EUR | ||
696 | 120 EUR | ||
696 | 120 EUR | ||
688 | 120 EUR | ||
696 | 120 EUR | ||
696 | 120 EUR | ||
696 | 120 EUR | ||
672 | 120 EUR | ||
676 | 120 EUR | ||
667 | 120 EUR | ||
672 | 120 EUR | ||
672 | 120 EUR | ||
672 | 120 EUR | ||
672 | 120 EUR | ||
672 | 120 EUR | ||
695 | 120 EUR | ||
695 | 120 EUR | ||
695 | 120 EUR | ||
1,406 | 120 EUR | ||
1,420 | 56 EUR | ||
1,420 | 55 EUR | ||
1,406 | 53 EUR | ||
1,420 | 62 EUR | ||
1,394 | 120 EUR | ||
1,406 | 120 EUR | ||
1,420 | 51 EUR | ||
1,406 | 120 EUR | ||
1,420 | 55 EUR | ||
1,358 | 54 EUR | ||
1,358 | 55 EUR | ||
51,814 | 110 EUR | ||
5,691 | 69 EUR | ||
2,890 | 69 EUR | ||
1,935 | 69 EUR | ||
1,203 | 69 EUR | ||
4,730 | 68 EUR | ||
4,730 | 68 EUR | ||
3,178 | 68 EUR | ||
3,931 | 68 EUR | ||
7,112 | 69 EUR | ||
1,698 | 70 EUR | ||
3,788 | 68 EUR | ||
40,886 | 69 EUR | ||
144 | 212 EUR | ||
7,261 | 45 EUR | ||
7,261 | 48 EUR | ||
14,666 | 47 EUR | ||
132,791 | 151 EUR | ||
Prod. Apr | Proj. Apr | Perf. | ||||
kWh | kWh | % | ||||
96,174 | 88,090 | 9.2% | ||||
97,309 | 83,180 | 17.0% | ||||
96,491 | 83,670 | 15.3% | ||||
98,829 | 82,220 | 20.2% | ||||
98,350 | 82,220 | 19.6% | ||||
98,425 | 82,220 | 19.7% | ||||
89,908 | 69,200 | 29.9% | ||||
90,104 | 93,140 | -3.3% | ||||
91,036 | 95,340 | -4.5% | ||||
89,936 | 96,440 | -6.7% | ||||
90,487 | 98,180 | -7.8% | ||||
90,465 | 97,560 | -7.3% | ||||
90,739 | 97,590 | -7.0% | ||||
90,381 | 96,960 | -6.8% | ||||
100,512 | 99,110 | 1.4% | ||||
87,194 | 86,340 | 1.0% | ||||
86,980 | 86,360 | 0.7% | ||||
102,576 | 100,840 | 1.7% | ||||
100,901 | 90,250 | 11.8% | ||||
94,417 | 96,960 | -2.6% | ||||
101,604 | 98,880 | 2.8% | ||||
102,734 | 100,970 | 1.7% | ||||
93,792 | 76,240 | 23.0% | ||||
93,849 | 76,370 | 22.9% | ||||
94,026 | 76,430 | 23.0% | ||||
131,296 | 175,130 | -25.0% | ||||
135,914 | 177,460 | -23.4% | ||||
132,399 | 175,390 | -24.5% | ||||
91,365 | 175,210 | -47.9% | ||||
76,712 | 178,760 | -57.1% | ||||
130,398 | 173,920 | -25.0% | ||||
129,708 | 174,740 | -25.8% | ||||
93,786 | 175,620 | -46.6% | ||||
104,457 | 175,060 | -40.3% | ||||
131,453 | 175,740 | -25.2% | ||||
129,349 | 192,160 | -32.7% | ||||
134,337 | 188,090 | -28.6% | ||||
6,149,082 | 6,614,970 | -7.0% | ||||
1,006,832 | 890,500 | 13.1% | ||||
518,408 | 472,470 | 9.7% | ||||
351,300 | 318,750 | 10.2% | ||||
212,692 | 193,220 | 10.1% | ||||
695,580 | 709,560 | -2.0% | ||||
719,760 | 726,950 | -1.0% | ||||
531,280 | 497,410 | 6.8% | ||||
663,424 | 597,760 | 11.0% | ||||
1,134,416 | 1,117,050 | 1.6% | ||||
238,000 | 221,140 | 7.6% | ||||
669,024 | 574,060 | 16.5% | ||||
6,740,716 | 6,318,870 | 6.7% | ||||
10,200 | 11,280 | -9.6% | ||||
1,100,340 | 922,548 | 19.3% | ||||
1,003,349 | 916,806 | 9.4% | ||||
2,113,889 | 1,850,634 | 14.2% | ||||
17,998,035 | 17,708,873 | 1.6% |
YTD Prod. | YTD Proj. | Perf. | YTD YoY | |||
kWh | kWh | % | % | |||
260,776 | 256,240 | 1.8% | 6.7% | |||
267,542 | 253,410 | 5.6% | 6.7% | |||
266,840 | 260,950 | 2.3% | 6.5% | |||
264,883 | 279,660 | -5.3% | 11.5% | |||
261,984 | 279,660 | -6.3% | 10.4% | |||
261,967 | 279,660 | -6.3% | 10.6% | |||
210,274 | 193,480 | 8.7% | -12.3% | |||
208,693 | 260,440 | -19.9% | -11.8% | |||
212,342 | 266,580 | -20.3% | -11.3% | |||
209,501 | 269,640 | -22.3% | -12.1% | |||
211,833 | 274,520 | -22.8% | -11.8% | |||
211,221 | 272,790 | -22.6% | -12.0% | |||
211,932 | 272,870 | -22.3% | -11.0% | |||
211,271 | 271,110 | -22.1% | -12.0% | |||
199,537 | 248,700 | -19.8% | -10.4% | |||
202,824 | 237,570 | -14.6% | -3.7% | |||
204,878 | 237,840 | -13.9% | -2.8% | |||
217,705 | 253,050 | -14.0% | -3.5% | |||
214,446 | 239,790 | -10.6% | -4.9% | |||
208,028 | 243,320 | -14.5% | -4.1% | |||
215,657 | 247,060 | -12.7% | 0.1% | |||
217,853 | 253,370 | -14.0% | -0.8% | |||
230,016 | 231,520 | -0.6% | 3.0% | |||
231,724 | 232,440 | -0.3% | 3.5% | |||
232,405 | 232,910 | -0.2% | 3.4% | |||
361,521 | 492,070 | -26.5% | -20.3% | |||
374,328 | 518,130 | -27.8% | -22.7% | |||
363,212 | 511,720 | -29.0% | -25.0% | |||
321,425 | 500,440 | -35.8% | -30.7% | |||
316,105 | 524,450 | -39.7% | -36.3% | |||
355,267 | 502,720 | -29.3% | -24.7% | |||
255,366 | 508,010 | -49.7% | -46.7% | |||
325,038 | 511,430 | -36.4% | -32.8% | |||
279,650 | 508,600 | -45.0% | -41.8% | |||
358,510 | 511,850 | -30.0% | -26.0% | |||
458,778 | 540,590 | -15.1% | -8.9% | |||
473,626 | 510,740 | -7.3% | -8.2% | |||
15,552,632 | 18,758,040 | -17.1% | -11.1% | |||
2,275,296 | 2,229,540 | 2.1% | 109.1% | |||
1,251,387 | 1,232,990 | 1.5% | N/A | |||
839,018 | 821,570 | 2.1% | N/A | |||
509,725 | 496,230 | 2.7% | N/A | |||
1,738,140 | 1,788,950 | -2.8% | N/A | |||
1,787,940 | 1,859,220 | -3.8% | N/A | |||
1,219,008 | 1,250,470 | -2.5% | N/A | |||
1,417,728 | 1,529,500 | -7.3% | N/A | |||
2,861,632 | 2,957,800 | -3.3% | N/A | |||
238,000 | 221,140 | 7.6% | N/A | |||
1,210,512 | 1,252,760 | -3.4% | N/A | |||
15,348,386 | 15,640,169 | -1.9% | 109.1% | |||
59,500 | 63,270 | -6.0% | 8.6% | |||
5,259,064 | 5,007,288 | 5.0% | -6.2% | |||
4,824,267 | 4,856,016 | -0.7% | -6.3% | |||
10,142,831 | 9,926,574 | 2.2% | -6.2% | |||
48,266,178 | 51,746,342 | -6.7% | 34.0% |
Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands | ||
Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | | photonenergy.com | 4/9 |
Photon Energy N.V.
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.
Monthly Report for April 2024
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
in MWh | 6,000 |
5,000 | |
production | 3,000 |
Cumulative | 4,000 |
2,000 | |
1,000
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Q1 | April | |
Chart 1.c Hungarian Portfolio Generation YTD 2024
in MWh | 25,000 |
20,000 | |
production | 15,000 |
Cumulative | 10,000 |
5,000 | |
0 |
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Q1 | April | |
Chart 1.b Slovak Portfolio Generation YTD 2024
in MWh | 4,000 |
3,000 | |
production | 2,000 |
Cumulative | 1,000 |
0 |
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Q1 | April | |
Chart 1.d Australian Portfolio Generation YTD 2024
in MWh | 12,000 |
10,000 | |
production | 8,000 |
Cumulative | 6,000 |
4,000 | |
2,000 | |
0 |
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Q1 | April | ||
3. Average Revenues Realised by Our Power Plants
The table below represents an estimation of average prices realised 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 April 2024
Portfolio
Unit
Czech Republic1
Slovakia1
Hungary2
Romania3
Australia4
Capacity | Prod. April | Avg. Revenue | ||
April | ||||
MWp | MWh | EUR/MWh | ||
15.0 | 1,825 | 638 | ||
10.4 | 1,169 | 263 | ||
51.8 | 6,149 | 110 | ||
40.9 | 6,741 | 69 | ||
14.7 | 2,114 | 47 | ||
Total Revenue April
In Euro thousand
1,164
308
677
462
99
YTD Avg.
Revenue
EUR/MWh, in 2024
639
263
85
76
68
YTD
Revenue
In Euro thousand
2,776
541
1,327
1,162
686
Total Portfolio
132.8 | 17,998 | 151 |
2,710139
6,494
- Slovakian and Czech power plants benefit from a fixed feed-in-tariff support. Slovak joint-ventures SK SPV 1 s.r.o., Solarpark Polianka s.r.o., and Solarpark Myjava s.r.o. are not pre- sented in the above table.
- As of 1 April 2024, power plants with capacity of 40.6 MWp in Hungary were receiving electricity from feed-in-tariff while 11.2 MWp were selling electricity under merchant model.
- All power plants in Romania sell electricity on merchant basis.
- In Australia realised revenue consists of market electricity price in NSW + Australian Large-scale Generation Certificate.
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Photon Energy N.V. | Monthly Report for April 2024 |
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 joint- venture 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 | 3. Advanced | 4. Ready-to-build | 5. Under | Total in MWp |
development | development | technical | construction | |||
Romania | 8.4 | 90.3 | 61.7 | 36.1 | 10.7 | 207.2 |
Poland | 252.5 | 16.8 | 20.41 | - | - | 289.7 |
Hungary | 25.0 | 2.7 | 4.1 | - | 31.7 | |
Australia | 455.0 | 200.0 | 9.8 | - | - | 664.8 |
Total in MWp | 740.9 | 307.1 | 94.6 | 40.1 | 10.7 | 1,193.4 |
*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
1400
1,193 MWp
1200 | |
1000 | 941 MWp |
800
600
400
200
0
Apr-23 | May-23 | Jun-23 | Jul-23 | Aug-23 | Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | |||||
Australia | Hungary | Romania | Poland | ||||||||||||||
Summary of the changes in the projects under development during the reporting month:
In Romania, the project pipeline declined by about 8.2 MWp compared to the last monthly report. Out of that about 6.5 MWp was removed as a result of receiving a negative response for the grid connection capacity request for projects at 1. Feasibility stage. Within April 2024, the power plant in Magureni with the capacity of 1.7 MWp was commissioned and hence moved from the project pipeline to IPP portfolio. Last, but not least, about 6.1 MWp of projects have progressed from the phase 3. Advanced development to phase 4. Ready-to-build technically. Last, not least,. In the case of projects Sarulesti (3.2 MWp) and Faget 3 (7.5 MWp) the commissioning process has been delayed due to DSO requirements for the reinforcement works related to the strengthening of the power line (Sarulesti) and grid connection works in the substation (Faget 3). According to the updated schedule, the final connection works and energis- ing of both power plants is expected to take place on the cusp between Q2 and Q3 2024, a few months later than initially ex- pected.
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.
- There were no changes in the project pipeline, in Hungary.
- In Poland, the Company concluded a preliminary agreement for the sale of a photovoltaic project in Poland with a total ca- pacity of 20.4 MW. Those projects are still visible in stage 3. Advanced development. The conclusion of the final share pur- chase agreement will take place after meeting certain condi- tions precedent, including obtaining full ready-to-build status. The sale price reflects market value and payment will take place in two instalments - an advance payment in Q2 2024 and the closing payment expected in Q4 2024.
- The pipeline in Australia is currently under revision.
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Photon Energy N.V. | Monthly Report for April 2024 |
Table 4. Progress on Projects Ready-to-Build stage 4, as of the reporting date.
Country | Location | Dev. | Equity | MWp | Commercial | Land | Grid | Construction | Expected | Update on the project | |||||||||||
phase | share | DC | Model | connection | permit | SoC1 | |||||||||||||||
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 4 | 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 | 40.1 | ||||||||||||||||||||
1 SoC stands for expected start of construction date.
Table 5. Progress on projects under construction, as of the reporting date.
Country
Romania
Romania
TOTAL |
Location
Sarulesti
Faget 3
Dev. phase
5
5
Equity
share
100%
100%
MWp DC
3.2
7.5
10.7 |
Commercial Model
Merchant/PPA
Merchant/PPA
Construction progress
98%
98%
Procurement | Site preparations | Substructures | Technology installed | Connection works | Comissioning |
Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands | ||
Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | | photonenergy.com | 7/9 |
Photon Energy N.V. | Monthly Report for March 2024 |
Glossary of terms
Development phase 1: "Feasibility"
Development phase 2: "Early development"
Development phase 3: "Advanced development"
Development phase 4: "Ready-to-build technical"
Development phase 5: "Under construction"
DC and AC capacity
Definitions
LOI or MOU signed, location scouted and analyzed, working on land lease/purchase, environmental assessment and application for grid connection.
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.
In Europe: Finishing work on construction permitting, Receiving of MGT (HU)/ATR (ROM) Letter, Finishing work on permitting for connection line, etc.
In Australia: Site footprint and layout finalised, Environmental Impact Statement and development application lodged. Grid connection studies and design submitted.
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.
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, conclusion of connection agreement, EPC agreement, Grid connection works agreements.
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:
- 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
Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands | ||
Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | | photonenergy.com | 8/9 |
Photon Energy N.V. | Monthly Report for March 2024 |
6. Investor Relations Contact
E-mail: ir@photonenergy.com
Photon Energy N.V.
Barbara Strozzilaan 201
1083 HN Amsterdam
The Netherlands
Web: www.photonenergy.com
Amsterdam, 16 May 2024
Georg Hotar, Member of the Board of Directors | Michael Gartner, Member of the Board of Directors |
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Photon Energy NV published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 16:38:18 UTC.