Photon Energy N : Monthly Report for December 2021

Photon Energy N.V.

Monthly Report for December 2021

For the period from 1 to 31 December 2021

Photon Energy N.V.

Monthly Report for December 2021

1. Information on the occurrence of trends and events in the market environment of the

Issuer, which in the Issuer's opinion may have important consequences in the future for the financial condition and results of the Issuer

1.1 Production results of Photon Energy's power plants in the reporting period

The Company reports 103.3 GWh of electricity produced YTD compared to 70.0 GWh one year ago (+47.6%), propelled by the addition of new Hungarian power plants over the past 15 months (15.5 MWp added in October 2020, November 2020 and Decem- ber 2021) and of our two utility-scale PV power plants in Leeton, Australia (14.6 MWp connected to the grid in August 2021). This represents an avoidance of 43,864 tonnes of CO2 emissions in 2021.

In December the proprietary portfolio outperformed the audits by 4.6% and by 0.9% year-to-date.

For more information, please refer to chapter 2. Proprietary PV power plants.

1.2 Photon Energy Group sells 160 MWp Solar PV Project to WIRSOL

The Company sold its 65% stake in its 160 MWp solar PV power project in Maryvale, New South Wales, to the global renewable energy group WIRSOL.

Maryvale Solar Farm is located in the NSW Central-West Orana Renewable Energy Zone, which is earmarked to unlock up to 3 GW of network capacity by the mid-2020s.

By the transaction Photon Energy Group immediately realised a capital gain in the amount of EUR 0.5 million, which will be reflected in the Group's Q4 2021 financial statements. In addition, the agreement foresees another two milestone-related payments for the Company upon successful completion and commissioning of the project by the Investor.

Following the project exit, Photon Energy Group plans to fully focus its future project development activities in Australia on large utility-scale projects based on the unique RayGen technology that combines PV Ultra solar co-generation and electro-thermal energy storage technologies.

1.3 Photon Energy repays project financing of Czech PV portfolio

The Company announced that it has early repaid the remaining project financing of its Czech PV portfolio provided by Raiffeisen - Leasing, s.r.o. ("RL") on 30 December 2021. The project financing for a total installed capacity of 12.3 MWp had been originally provided by RL's predecessor in 2009 and 2010 and was due on 1 January 2023. The remaining outstanding principal, accrued interest and expected break fees as of 30 December 2021 amounted to approximately CZK 288.65 million (EUR 11.57 mil- lion) and were repaid by a combination of the cash balances (partially restricted) held by the project companies (CZK 116.4 million, EUR 4.66 million) and loans provided by the Group to the project companies totalling CZK 172.25 million (EUR 6.91 mil- lion). In January 2022 the Group will exercise its call options and

take legal ownership of 100% of the equity of the project compa- nies. The Photon Energy Group's cash injection into this transaction has been financed by the equity raised during the placement of treasury shares in June 2021.

Depending on market conditions, or should the need arise, Photon Energy Group could arrange new project financing for the Czech PV portfolio in order to either service group-level financial debt and/or to finance the expansion of its proprietary portfolio.

1.4 Photon Energy Group leads series A equity round in Lerta

The Company has been the lead investor along two other investors in Lerta S.A.'s series A equity financing round, investing PLN 8.75 million and increasing its ownership stake from 12% to 24%.

Lerta raised a total of PLN 12.75 million in new equity. Photon Energy Group's new investment goes hand-in-hand with the Company's deepening cooperation with Lerta in the areas of electricity trading for the Company's utility-scale PV power plant portfolio, an integrated approach to the booming behind-the-meter market segment combining on-site energy generation, electricity trading and VPP services and jointly exploring new business models in the dynamically developing energy market.

Since Photon Energy Group's first investment in December 2020 Lerta has obtained electricity trading licenses in Poland, Hungary, Romania and the Czech Republic and managed to expand its presence on the Polish capacity market to over 50 MW of demand side response (DSR) assets under management.

Since 9 December, Lerta has provided electricity trading and balancing services to Photon Energy Group's first European merchant PV power plant with an installed capacity of 1.4 MWp in Tolna, Hungary.

The new capital will be allocated to the development of Lerta's Virtual Power Plant in Poland and to the growth of operations in its new markets within the CEE region, where the company will work closely with Photon Energy Group.

Photon Energy Group had already indirectly invested in Lerta through its investment in the ValueTech Seed Fund that led Ler- ta's first financing round in 2018. The investment in the Value- Tech Seed Fund is what originally brought Lerta to Photon Energy Group's attention, followed by extensive discussions about a strategic alignment between the companies, which has convinced Photon Energy Group's management to lead Lerta's second and third equity rounds.

1.5 Reporting on Photon Energy's project pipeline

Photon Energy is currently developing PV projects in Australia (300.0 MWp), Hungary (95.2 MWp), Romania (225.5 MWp) and Poland (155.0 MWp), and is evaluating further markets for oppor- tunities. For detailed information, please refer to chapter 3 "Re- porting on Photon Energy's project pipeline".

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	2/12

Photon Energy N.V.

Monthly Report for December 2021

2. Proprietary PV power plants

The table below represents power plants owned directly or indirectly by Photon Energy N.V. as of the date of the report.

Table 1. Production results in December 2021

Project name		Capacity		Feed-in-	Prod. 2021		Proj. 2021		Perf.			YTD Prod.		YTD Proj.		Perf.		YTD YoY
		Tariff/LGC		December		December
Unit		kWp		per MWh,	kWh		kWh		%			kWh		kWh	%	%
		in 2021
Komorovice		2,354		CZK 15,117			31,161		47,533		-34.4%			2,367,683		2,497,558		-5.2%		-6.5%
Zvíkov I		2,031		CZK 15,117			37,400		50,537		-26.0%			2,224,776		2,300,217		-3.3%		-6.1%
Dolní Dvořiště		1,645		CZK 15,117			32,419		43,429		-25.4%			1,660,058		1,683,565		-1.4%		-2.7%
Svatoslav		1,231		CZK 15,117			20,208		23,720		-14.8%			1,147,700		1,203,924		-4.7%		-4.4%
Slavkov		1,159		CZK 15,117			28,021		27,037		3.6%			1,332,623		1,333,231		0.0%		-0.3%
Mostkovice SPV 1		210		CZK 15,117			4,704		4,974		-5.4%			215,065		219,971		-2.2%		-0.6%
Mostkovice SPV 3		926		CZK 16,240			14,129		14,770		-4.3%			977,786		972,628		0.5%		1.2%
Zdice I		1,499		CZK 15,117			34,756		41,009		-15.2%			1,624,141		1,686,900		-3.7%		-5.8%
Zdice II			1,499		CZK 15,117			35,985		41,985		-14.3%			1,661,008		1,700,269		-2.3%		-5.2%
Radvanice		2,305		CZK 15,117			49,696		45,355		9.6%			2,473,035		2,501,919		-1.2%		-0.3%
Břeclav rooftop		137		CZK 15,117			3,364		3,836		-12.3%			156,765		154,025		1.8%		-2.6%
Total Czech PP		14,996					291,844		344,187		-15.2%		15,840,639		16,254,207		-2.5%		-3.7%
Babiná II		999		EUR 425.12			23,112		19,003		21.6%			989,584		970,581		2.0%		3.0%
Babina III		999		EUR 425.12			23,268		20,218		15.1%			1,003,712		984,711		1.9%		3.0%
Prša I.		999		EUR 425.12			24,532		20,320		20.7%			1,026,964		1,056,586		-2.8%		2.2%
Blatna		700		EUR 425.12			12,970		13,734		-5.6%			723,883		719,873		0.6%		1.8%
Mokra Luka 1		963		EUR 382.61			37,597		29,892		25.8%			1,199,969		1,138,187		5.4%		3.6%
Mokra Luka 2		963		EUR 382.61			41,642		31,529		32.1%			1,226,323		1,180,582		3.9%		4.8%
Jovice 1		979		EUR 382.61			20,591		15,776		30.5%			868,106		893,378		-2.8%		-0.5%
Jovice 2		979		EUR 382.61			20,063		15,517		29.3%			860,774		883,494		-2.6%		-0.7%
Brestovec		850		EUR 382.61			14,399		19,655		-26.7%			979,734		1,021,651		-4.1%		-5.3%
Polianka		999		EUR 382.61			11,865		17,877		-33.6%		971,584	979,968	-0.9%	-0.7%
Myjava		999		EUR 382.61			19,299		23,094		-16.4%			1,125,440		1,120,362		0.5%		-1.7%
Total Slovak PP		10,429					249,337		226,614		10.0%		10,976,072		10,949,372		0.2%		0.9%
Tiszakécske 1		689		HUF 34,140			24,760		22,652		9.3%			872,398		845,174		3.2%		2.0%
Tiszakécske 2		689		HUF 34,140			25,512		23,309		9.5%			876,299		850,620		3.0%		2.0%
Tiszakécske 3		689		HUF 34,140			20,961		20,377		2.9%		843,417	827,512	1.9%	1.1%
Tiszakécske 4		689		HUF 34,140			26,067		23,309		11.8%			880,079		850,620		3.5%		2.2%
Tiszakécske 5		689		HUF 34,140			24,994		22,652		10.3%		830,533	845,174	-1.7%	-1.8%
Tiszakécske 6			689		HUF 34,140			25,189		23,309		8.1%			874,891		850,620		2.9%		2.1%
Tiszakécske 7			689		HUF 34,140			25,527		22,634		12.8%			873,117		844,555		3.4%		1.9%
Tiszakécske 8		689		HUF 34,140			24,338		21,840		11.4%		866,657	841,727	3.0%	2.0%
Almásfüzitő 1		695		HUF 34,140			19,042		23,054		-17.4%			837,893		840,464		-0.3%		0.6%
Almásfüzitő 2			695		HUF 34,140			18,297		22,986		-20.4%			836,824		839,870		-0.4%		3.0%
Almásfüzitő 3			695		HUF 34,140			21,114		22,634		-6.7%			839,496		835,806		0.4%		4.5%
Almásfüzitő 4			695		HUF 34,140			19,008		23,251		-18.2%			863,449		842,485		2.5%		3.0%
Almásfüzitő 5			695		HUF 34,140			21,153		22,713		-6.9%			857,729		836,892		2.5%		0.9%
Almásfüzitő 6		660		HUF 34,140			20,422		21,798		-6.3%			872,233		804,938		8.4%		3.5%
Almásfüzitő 7		691		HUF 34,140			19,684		22,548		-12.7%			868,699		831,973		4.4%		3.3%
Almásfüzitő 8		668		HUF 34,140			19,163		22,248		-13.9%		856,802	814,589	5.2%	1.5%
Nagyecsed 1		689		HUF 34,140			19,440		21,031		-7.6%			862,279		825,772		4.4%		2.1%
Nagyecsed 2		689		HUF 34,140			19,007		21,031		-9.6%			862,332		825,772		4.4%		2.2%
Nagyecsed 3			689		HUF 34,140			19,283		20,759		-7.1%			865,146		826,184		4.7%		1.7%
Fertod I			528		HUF 34,140			15,945		16,018		-0.5%			680,660		612,168		11.2%		0.1%
Fertod II No 2			699		HUF 34,140			27,289		21,481		27.0%			892,330		833,707		7.0%		1.3%
Fertod II No 3			699		HUF 34,140			27,147		21,481		26.4%			906,184		833,707		8.7%		2.8%
Fertod II No 4			699		HUF 34,140		27,180		21,481		26.5%		899,126		833,707		7.8%		2.3%

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	3/12

Photon Energy N.V.																Monthly Report for December 2021
Project name		Capacity		Feed-in-Tariff/LGC		Prod. 2021		Proj. 2021		Perf.			YTD Prod.		YTD Proj.		Perf.		YTD YoY
		December		December
Unit		kWp		per MWh,	kWh		kWh		%			kWh		kWh	%	%
		in 2021
Fertod II No 5		691		HUF 34,140			26,941		23,406		15.1%			900,175		838,402		7.4%		2.8%
Fertod II No 6		699		HUF 34,140			26,958		21,481		25.5%			899,662		833,707		7.9%		3.0%
Kunszentmárton I No 1		697		HUF 34,140			24,462		23,814		2.7%			908,571		885,501		2.6%		2.6%
Kunszentmárton I No 2		697		HUF 34,140			22,574		23,847		-5.3%			901,403		885,636		1.8%		2.5%
Kunszentmárton II No 1		693		HUF 34,140			23,436		19,543		19.9%			923,943		855,866		8.0%		77.1%
Kunszentmárton II No 2		693		HUF 34,140			24,086		19,642		22.6%			928,453		856,165		8.4%		57.9%
Taszár 1		701		HUF 34,140			29,588		26,271		12.6%			888,976		885,316		0.4%		-0.6%
Taszár 2		701		HUF 34,140			29,905		26,271		13.8%			893,930		885,316		1.0%		-0.9%
Taszár 3		701		HUF 34,140			29,675		26,271		13.0%			899,906		885,316		1.6%		0.2%
Monor 1		688		HUF 34,140			24,511		20,073		22.1%			896,298		852,356		5.2%		5.9%
Monor 2		696		HUF 34,140			22,851		20,172		13.3%			883,430		862,899		2.4%		3.8%
Monor 3		696		HUF 34,140			23,893		20,172		18.4%			887,940		862,899		2.9%		4.6%
Monor 4		696		HUF 34,140			23,657		20,172		17.3%			892,689		862,899		3.5%		4.3%
Monor 5		688		HUF 34,140			24,311		19,941		21.9%			893,927		846,445		5.6%		4.3%
Monor 6		696		HUF 34,140			24,506		20,172		21.5%			892,477		862,899		3.4%		3.8%
Monor 7		696		HUF 34,140			24,295		20,172		20.4%			893,418		862,899		3.5%		2.8%
Monor 8			696		HUF 34,140			24,470		20,172		21.3%			892,939		862,899		3.5%		4.5%
Tata 1		672		HUF 34,140			19,546		18,817		3.9%			917,050		923,288		-0.7%		9.5%
Tata 2		676		HUF 34,140			20,680		22,523		-8.2%		828,482	835,261	-0.8%	12.7%
Tata 3		667		HUF 34,140			20,681		20,972		-1.4%			829,648		815,853		1.7%		9.8%
Tata 4		672		HUF 34,140			20,460		19,395		5.5%		934,102	945,462	-1.2%	10.5%
Tata 5		672		HUF 34,140			20,129		19,486		3.3%			886,926		948,671		-6.5%		4.6%
Tata 6		672		HUF 34,140			19,757		19,078		3.6%			926,307		933,569		-0.8%		8.3%
Tata 7		672		HUF 34,140			19,678		18,833		4.5%			920,655		923,890		-0.4%		8.6%
Tata 8		672		HUF 34,140			20,353		19,184		6.1%			939,733		937,796		0.2%		11.6%
Malyi 1		695		HUF 34,140			20,059		19,919		0.7%			853,977		828,586		3.1%		52.8%
Malyi 2		695		HUF 34,140			20,785		20,041		3.7%			859,084		829,718		3.5%		54.8%
Malyi 3		695		HUF 34,140			21,078		20,041		5.2%			860,605		829,718		3.7%		52.9%
Puspokladány 1		1,406		HUF 34,140			38,465		34,527		11.4%			1,962,033		1,944,330		0.9%		nm
Puspokladány 2		1,420		HUF 34,140			39,416		31,248		26.1%			2,029,466		1,892,045		7.3%		nm
Puspokladány 3		1,420		HUF 34,140			37,891		30,097		25.9%			1,997,180		1,848,792		8.0%		nm
Puspokladány 4		1,406		HUF 34,140			38,099		34,305		11.1%			1,997,879		1,930,447		3.5%		nm
Puspokladány 5		1,420		HUF 34,140			39,509		31,159		26.8%			2,045,805		1,887,556		8.4%		nm
Puspokladány 6		1,394		HUF 34,140			36,622		32,033		14.3%		1,972,498	1,911,209	3.2%		nm
Puspokladány 7		1,406		HUF 34,140			37,990		34,275		10.8%			1,995,957		1,930,451		3.4%		nm
Puspokladány 8		1,420		HUF 34,140			37,776		30,245		24.9%		2,004,661	1,854,378	8.1%		nm
Puspokladány 9		1,406		HUF 34,140			38,025		34,246		11.0%			1,934,218		1,929,491		0.2%		nm
Puspokladány 10		1,420		HUF 34,140			37,693		30,052		25.4%			1,997,844		1,847,324		8.1%		nm
Tolna		1,358		HUF 113,1071										22,860		33,117		-31.0%		nm
	22,860		33,117		-31.0%
Total Hungarian PP		50,456					1,568,195		1,449,786		8.2%		64,713,678		62,442,410		3.6%		52.3%
Symonston			144		AUD 301.60			20,574		22,527		-8.7%			169,877		178,176		-4.7%		0.4%
Leeton		7,261		AUD 37 + 432			1,699,170		1,577,075		7.7%			5,823,120		6,292,894		-7.5%		na
Fivebough		7,261		AUD 38 + 432*			1,596,360		1,565,135		2.0%			5,746,110		6,227,865		-7.7%		na
Total Australian PP		14,744					3,316,104		3,164,737		4.8%		11,739,107		12,698,935		-7.6%		nm
Total		90,547					5,425,480		5,185,324		4.6%		103,269,496		102,344,925		0.9%		47.6%

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. from January until the end of the reporting month.

YTD Proj.: accumulated projection year-to-date i.e. from January until the end of the reporting month

Perf. YTD: performance of the power plant year-to-date i.e. (YTD prod. in 2021 / YTD proj. in 2021) - 1

YTD YOY: (YTD Prod. in 2021 / YTD Prod. in 2020) - 1.

1. Average realized electricity price during the reporting period in Hungary.
2. Average electricity price during the reporting period + Australian Large- scale Generation Certificate spot closing price at the end of the reporting period.
   .

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	4/12

Photon Energy N.V.

Chart 1.a Total production of the Czech portfolio

	18,000
MWh	16,000
14,000
in	12,000
production
10,000
	8,000
Cumulative	6,000
4,000
	2,000
	0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4

Monthly Report for December 2021

Chart 1.b Total production of the Slovak portfolio

MWh	18,000
16,000
in	14,000
production	8,000
	12,000
Cumulative	10,000
6,000

4,000

2,000

0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4

Chart 1.c Total production of Hungarian portfolio

MWh	70,000
60,000
in	50,000
production
40,000
Cumulative	30,000
20,000

10,000

0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4

Chart 1.d Total production of Australian portfolio

MWhin	18,000
14,000
production	16,000
8,000
	12,000
Cumulative	10,000
2,000
	6,000
	4,000
	0

2014 2015 2016 2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4

Chart 2. Generation results versus forecast between 1 January 2018 and 31 December 2021

14.0
12.0
10.0
8.0
MWh 6.0
4.0
2.0
0.0

Actual generation		Generation forecast

Chart 3. Specific Performance Ratio between 1 January 2018 and 31 December 2021

250%	200
200%	160
150%	120
100%	80
50%	40
0%	0
-50%	-40
-100%	-80
-150%	-120
-200%	-160
-250%	-200

SPR = Generation (kWh) / Installed capacity (kWp)		Change y-o-y (%)

Specific Performance Ratio is a measure of efficiency which shows the amount of kWh generated per 1 kWp of installed capacity and enables the simple comparison of year-on-year results and seasonal fluctuations during the year.

The Company reports 103.3 GWh of electricity produced YTD compared to 70.0 GWh one year ago (+47.6%), propelled by the

addition of new Hungarian power plants over the past over the past 15 months (15.5 MWp added in October 2020, November

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	5/12