Photon Energy N.V.
Monthly Report for May 2022
For the period from 1 to 31 May 2022
Photon Energy N.V. | Monthly Report for May 2022 |
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 Photon Energy achieves record energy generation volume and revenues in May
The Company reports 51.3 GWh of electricity produced YTD compared to 34.3 GWh one year ago (+49.6%) propelled by the addition of two new power plants in Tolna, Hungary (1.4 MWp added in December 2021 and 1.4 MWp added in May 2022) 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 20,963 tonnes of CO2 emissions year-to-date.
In May 2022 Photon Energy's proprietary portfolio of PV power plants with a total installed capacity of 91.9 MWp generated its highest monthly production volume in the company's history with
13.8 GWh (+34.7% year-on-year) of renewable energy supplied to the grid. With over 80% of the portfolio selling electricity at market prices the company's energy generation revenues in May equally reached a record of EUR 3.647 million, up 69.8% year-on-year.
As in Europe, energy prices in Australia have experienced a sharp increase in recent weeks as evidenced by average revenues per MWh (including revenues for Large Generation Certificates) of EUR 181 in May 2022, compared to an average of EUR 68 and EUR 124 in March and April 2022, respectively. As a result, the Leeton and Fivebough PV power plants with a combined installed capacity of 14.5 MWp are expected to reach their budgeted revenue target of AUD 2.6 million (EUR 1.7 million) already by August 2022 and to exceed their full-year target significantly.
Photon Energy's management board reconfirms its financial guidance for consolidated revenues in 2022 to increase to EUR 65.0 million from EUR 36.4 million in 2021, representing a 78.8% increase YoY, leading to an increase of EBITDA to EUR 18.0 million from EUR 9.6 million in 2021(+87.8% YoY).
For more information, please refer to chapter 2. Proprietary PV power plants.
1.2 Photon Energy Group successfully taps its 6.50% green bond to 65 million euros
During the reporting period, the Company successfully tapped its 6.50% Green EUR Bond 2021/2027 (ISIN: DE000A3KWKY4) in the amount of EUR 10 million to a total outstanding amount of EUR 65 million. The bond tap was met with strong demand from the Company's existing bondholders including the European Bank for Reconstruction and Development ('EBRD') as well as numerous new institutional investors across Europe.
The green bond - now with a nominal value of EUR 65 million, a 2027 maturity and an interest rate of 6.50% p.a., paid quarterly - has been graded by imug | rating with regard to its sustainability by way of a Secondary Party Opinion, and is trading on the Open Market of the Frankfurt Stock Exchange since 23 November 2021.
Bankhaus Scheich Wertpapierspezialist AG, Frankfurt am Main, has acted as Sole Global Coordinator & Bookrunner for the bond placement. Multinational law firm Pinsent Masons has acted as legal advisor to the transaction.
The Company intends to use the net proceeds of the green bond placement to finance or refinance, in part or in whole, new and/or existing eligible assets, as well as financial instruments that were used to finance such projects or assets, in accordance with the Company's Green Finance Framework, enabling Photon Energy Group to make a significant contribution to an environmentally friendly future.
1.3 Photon Energy Group share receives 'Buy' recom- mendations from WOOD & Co. and IPOPEMA ana- lysts
The Company's stock has been given 'Buy' recommendations by Prague-based WOOD & Company, one of the leading brokerage companies in Central and Eastern Europe and IPOPEMA, a Po- land-based company engaged in investment banking and brokerage services. In April, the Company had received a first 'buy' recommendation by AlsterResearch, a Hamburg-based research house specialising in small and mid-caps. An overview of the ana- lysts' recommendations is available on the company's IR page:
Institution | Reco. | Target Price | Target Price | Target Price | Date | |||||
EUR | PLN | CZK | ||||||||
Alster | BUY | EUR 4.10* | PLN 18.89 | CZK 101 | 25.04.22 | |||||
Research | ||||||||||
IPOPEMA | BUY | EUR 3.16 | PLN 14.58 | CZK 78 | 24.05.22 | |||||
WOOD & | BUY | EUR 3.41 | PLN 15.69 | CZK 84 | 25.05.22 | |||||
Company | ||||||||||
Consensus | EUR 3.69 | PLN 17.01 | CZK 91 |
- Prices in bold stated by research reports; other currencies included for reference.
1.4 Annual General Meeting
The company's Annual General Meeting was held in Amsterdam on 31 May 2022. During the meeting, the Annual Financial Statements for 2021, the Remuneration for 2021 and an update of the Company's Remuneration Policy were approved, the Supervisory Board of the Company was extended to three members. The minutes of the meeting can be consulted on the Company's IR page.
1.5 Reporting on Photon Energy's project pipeline
Photon Energy is currently developing PV projects in Australia (300.0 MWp), Hungary (25.8 MWp), Romania (235.4 MWp) and Poland (230.3 MWp) and is evaluating further markets for opportu- nities.
For detailed information, please refer to chapter 3 "Reporting on Photon Energy's project pipeline".
Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands | ||
Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | | photonenergy.com | 2/12 |
Photon Energy N.V. | Monthly Report for May 2022 |
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 May 2022
Project name | Capacity | Revenue1 | Prod. 2022 | Proj. 2022 | Perf. | YTD | YTD Proj. | Perf. | YTD YoY | |||||||||||||
May | May | Prod. | ||||||||||||||||||||
Unit | kWp | per MWh, | kWh | kWh | % | kWh | kWh | % | % | |||||||||||||
in May | ||||||||||||||||||||||
Komorovice | 2,354 | EUR 737 | 328,629 | 316,393 | 3.9% | 1,074,975 | 1,005,810 | 6.9% | 26.5% | |||||||||||||
Zvíkov I | 2,031 | EUR 737 | 296,383 | 275,677 | 7.5% | 992,754 | 932,409 | 6.5% | 19.0% | |||||||||||||
Dolní Dvořiště | 1,645 | EUR 737 | 202,888 | 194,954 | 4.1% | 664,985 | 647,888 | 2.6% | 10.4% | |||||||||||||
Svatoslav | 1,231 | EUR 736 | 156,693 | 152,183 | 3.0% | 494,695 | 463,324 | 6.8% | 21.5% | |||||||||||||
Slavkov | 1,159 | EUR 737 | 176,597 | 167,328 | 5.5% | 604,570 | 538,591 | 12.3% | 20.4% | |||||||||||||
Mostkovice SPV 1 | 210 | EUR 734 | 28,940 | 27,993 | 3.4% | 99,083 | 89,050 | 11.3% | 25.6% | |||||||||||||
Mostkovice SPV 3 | 926 | EUR 781 | 130,687 | 126,277 | 3.5% | 444,851 | 393,921 | 12.9% | 23.7% | |||||||||||||
Zdice I | 1,499 | EUR 737 | 229,412 | 214,974 | 6.7% | 738,234 | 683,523 | 8.0% | 18.4% | |||||||||||||
Zdice II | 1,499 | EUR 737 | 232,370 | 217,383 | 6.9% | 752,128 | 692,027 | 8.7% | 17.1% | |||||||||||||
Radvanice | 2,305 | EUR 736 | 333,170 | 322,769 | 3.2% | 1,112,360 | 1,002,481 | 11.0% | 24.2% | |||||||||||||
Břeclav rooftop | 137 | EUR 737 | 21,165 | 19,207 | 10.2% | 71,757 | 63,917 | 12.3% | 20.8% | |||||||||||||
Total Czech PP | 14,996 | 2,136,933 | 2,035,136 | 5.0% | 7,050,390 | 6,512,942 | 8.3% | 20.4% | ||||||||||||||
Babiná II | 999 | EUR 271 | 129,384 | 121,562 | 6.4% | 410,474 | 364,489 | 12.6% | 17.1% | |||||||||||||
Babina III | 999 | EUR 271 | 128,098 | 122,274 | 4.8% | 407,356 | 371,610 | 9.6% | 12.9% | |||||||||||||
Prša I. | 999 | EUR 270 | 136,091 | 129,617 | 5.0% | 432,768 | 398,965 | 8.5% | 15.4% | |||||||||||||
Blatna | 700 | EUR 273 | 99,148 | 89,817 | 10.4% | 299,766 | 273,964 | 9.4% | 15.3% | |||||||||||||
Mokra Luka 1 | 963 | EUR 258 | 150,207 | 111,387 | 34.9% | 533,898 | 436,718 | 22.3% | 19.8% | |||||||||||||
Mokra Luka 2 | 963 | EUR 257 | 150,706 | 131,396 | 14.7% | 545,666 | 470,984 | 15.9% | 19.3% | |||||||||||||
Jovice 1 | 979 | EUR 263 | 121,675 | 105,024 | 15.9% | 372,546 | 334,439 | 11.4% | 19.1% | |||||||||||||
Jovice 2 | 979 | EUR 263 | 120,689 | 104,400 | 15.6% | 369,335 | 331,054 | 11.6% | 18.6% | |||||||||||||
Brestovec | 850 | EUR 257 | 127,204 | 122,710 | 3.7% | 456,667 | 407,734 | 12.0% | 20.4% | |||||||||||||
Polianka | 999 | EUR 261 | 131,426 | 123,121 | 6.7% | 409,118 | 371,555 | 10.1% | 22.1% | |||||||||||||
Myjava | 999 | EUR 259 | 146,187 | 139,594 | 4.7% | 485,169 | 439,289 | 10.4% | 18.8% | |||||||||||||
Total Slovak PP | 10,429 | 1,440,814 | 1,300,901 | 10.8% | 4,722,763 | 4,200,800 | 12.4% | 18.2% | ||||||||||||||
Tiszakécske 1 | 689 | EUR 179 | 106,420 | 99,215 | 7.3% | 374,917 | 338,836 | 10.6% | 12.8% | |||||||||||||
Tiszakécske 2 | 689 | EUR 179 | 106,741 | 99,350 | 7.4% | 377,812 | 341,319 | 10.7% | 12.8% | |||||||||||||
Tiszakécske 3 | 689 | EUR 179 | 105,528 | 98,583 | 7.0% | 360,512 | 330,932 | 8.9% | 11.8% | |||||||||||||
Tiszakécske 4 | 689 | EUR 179 | 106,852 | 99,350 | 7.6% | 374,500 | 341,319 | 9.7% | 11.4% | |||||||||||||
Tiszakécske 5 | 689 | EUR 179 | 106,595 | 99,215 | 7.4% | 375,352 | 338,836 | 10.8% | 15.8% | |||||||||||||
Tiszakécske 6 | 689 | EUR 179 | 106,444 | 99,350 | 7.1% | 376,355 | 341,319 | 10.3% | 12.7% | |||||||||||||
Tiszakécske 7 | 689 | EUR 179 | 106,606 | 99,181 | 7.5% | 377,168 | 338,615 | 11.4% | 12.8% | |||||||||||||
Tiszakécske 8 | 689 | EUR 179 | 106,214 | 99,067 | 7.2% | 368,769 | 337,393 | 9.3% | 11.3% | |||||||||||||
Almásfüzitő 1 | 695 | EUR 179 | 111,837 | 99,397 | 12.5% | 369,535 | 339,220 | 8.9% | 13.0% | |||||||||||||
Almásfüzitő 2 | 695 | EUR 179 | 109,098 | 99,356 | 9.8% | 358,121 | 338,973 | 5.6% | 12.5% | |||||||||||||
Almásfüzitő 3 | 695 | EUR 179 | 107,809 | 99,197 | 8.7% | 361,274 | 337,180 | 7.1% | 13.2% | |||||||||||||
Almásfüzitő 4 | 695 | EUR 179 | 112,192 | 99,520 | 12.7% | 370,110 | 340,004 | 8.9% | 12.7% | |||||||||||||
Almásfüzitő 5 | 695 | EUR 179 | 112,820 | 99,249 | 13.7% | 379,128 | 337,758 | 12.2% | 13.4% | |||||||||||||
Almásfüzitő 6 | 660 | EUR 179 | 112,444 | 95,693 | 17.5% | 375,067 | 325,469 | 15.2% | 12.9% | |||||||||||||
Almásfüzitő 7 | 691 | EUR 179 | 112,387 | 98,732 | 13.8% | 373,562 | 335,859 | 11.2% | 13.1% | |||||||||||||
Almásfüzitő 8 | 668 | EUR 179 | 113,484 | 96,641 | 17.4% | 373,133 | 329,249 | 13.3% | 12.7% | |||||||||||||
Nagyecsed 1 | 689 | EUR 182 | 111,411 | 97,950 | 13.7% | 358,423 | 331,591 | 8.1% | 10.9% | |||||||||||||
Nagyecsed 2 | 689 | EUR 182 | 111,184 | 97,950 | 13.5% | 356,886 | 331,591 | 7.6% | 9.8% | |||||||||||||
Nagyecsed 3 | 689 | EUR 182 | 111,872 | 98,124 | 14.0% | 360,756 | 331,730 | 8.8% | 10.6% | |||||||||||||
Fertod I | 528 | EUR 178 | 84,891 | 75,850 | 11.9% | 291,271 | 252,870 | 15.2% | 12.5% | |||||||||||||
Fertod II No 2 | 699 | EUR 180 | 110,459 | 102,824 | 7.4% | 379,340 | 342,670 | 10.7% | 13.9% | |||||||||||||
Fertod II No 3 | 699 | EUR 179 | 109,328 | 102,824 | 6.3% | 378,207 | 342,670 | 10.4% | 13.0% | |||||||||||||
Fertod II No 4 | 699 | EUR 179 | 109,350 | 102,824 | 6.3% | 378,040 | 342,670 | 10.3% | 12.9% |
Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands | ||
Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | | photonenergy.com | 3/12 |
Photon Energy N.V. | Monthly Report for May 2022 | |||||||||||||||||
Project name | Capacity | Revenue | Prod. 2022 | Proj. 2022 | Perf. | YTD Prod. | YTD Proj. | Perf. | YTD YoY | |||||||||
May | May | |||||||||||||||||
Unit | kWp | per MWh, | kWh | kWh | % | kWh | kWh | % | % | |||||||||
in May | ||||||||||||||||||
Fertod II No 5 | 691 | EUR 179 | 109,393 | 103,096 | 6.1% | 376,134 | 345,392 | 8.9% | 13.2% | |||||||||
Fertod II No 6 | 699 | EUR 179 | 109,268 | 102,824 | 6.3% | 377,282 | 342,670 | 10.1% | 13.5% | |||||||||
Kunszentmárton I No 1 | 697 | EUR 180 | 110,801 | 106,561 | 4.0% | 391,098 | 352,888 | 10.8% | 11.6% | |||||||||
Kunszentmárton I No 2 | 697 | EUR 180 | 111,282 | 106,566 | 4.4% | 386,257 | 352,941 | 9.4% | 11.3% | |||||||||
Kunszentmárton II No 1 | 693 | EUR 181 | 109,884 | 98,404 | 11.7% | 392,387 | 331,444 | 18.4% | 9.8% | |||||||||
Kunszentmárton II No 2 | 693 | EUR 181 | 112,118 | 98,404 | 13.9% | 394,562 | 331,740 | 18.9% | 10.3% | |||||||||
Taszár 1 | 701 | EUR 181 | 100,770 | 103,639 | -2.8% | 383,037 | 356,858 | 7.3% | 11.7% | |||||||||
Taszár 2 | 701 | EUR 181 | 101,461 | 103,639 | -2.1% | 384,225 | 356,858 | 7.7% | 12.1% | |||||||||
Taszár 3 | 701 | EUR 181 | 101,355 | 103,639 | -2.2% | 383,781 | 356,858 | 7.5% | 11.4% | |||||||||
Monor 1 | 688 | EUR 180 | 109,664 | 103,417 | 6.0% | 388,191 | 340,440 | 14.0% | 11.9% | |||||||||
Monor 2 | 696 | EUR 179 | 107,960 | 104,055 | 3.8% | 380,597 | 349,021 | 9.0% | 10.0% | |||||||||
Monor 3 | 696 | EUR 180 | 109,638 | 104,055 | 5.4% | 387,451 | 349,021 | 11.0% | 13.1% | |||||||||
Monor 4 | 696 | EUR 180 | 109,394 | 104,055 | 5.1% | 386,362 | 349,021 | 10.7% | 11.9% | |||||||||
Monor 5 | 688 | EUR 180 | 109,657 | 103,020 | 6.4% | 387,429 | 344,796 | 12.4% | 12.0% | |||||||||
Monor 6 | 696 | EUR 180 | 109,484 | 104,055 | 5.2% | 387,990 | 349,021 | 11.2% | 12.6% | |||||||||
Monor 7 | 696 | EUR 180 | 109,923 | 104,055 | 5.6% | 385,609 | 349,021 | 10.5% | 11.6% | |||||||||
Monor 8 | 696 | EUR 180 | 110,050 | 104,055 | 5.8% | 389,012 | 349,021 | 11.5% | 13.2% | |||||||||
Tata 1 | 672 | EUR 184 | 125,233 | 122,610 | 2.1% | 383,438 | 363,261 | 5.6% | 14.4% | |||||||||
Tata 2 | 676 | EUR 179 | 104,270 | 100,774 | 3.5% | 354,937 | 337,899 | 5.0% | 13.7% | |||||||||
Tata 3 | 667 | EUR 179 | 103,720 | 99,179 | 4.6% | 355,308 | 329,893 | 7.7% | 14.1% | |||||||||
Tata 4 | 672 | EUR 185 | 126,780 | 125,091 | 1.4% | 391,268 | 371,959 | 5.2% | 15.9% | |||||||||
Tata 5 | 672 | EUR 185 | 125,876 | 125,439 | 0.3% | 386,426 | 373,218 | 3.5% | 30.8% | |||||||||
Tata 6 | 672 | EUR 184 | 106,966 | 123,776 | -13.6% | 368,701 | 367,366 | 0.4% | 9.3% | |||||||||
Tata 7 | 672 | EUR 185 | 126,193 | 122,680 | 2.9% | 385,891 | 363,504 | 6.2% | 14.2% | |||||||||
Tata 8 | 672 | EUR 185 | 126,319 | 124,250 | 1.7% | 391,536 | 369,008 | 6.1% | 14.5% | |||||||||
Malyi 1 | 695 | EUR 182 | 111,275 | 101,716 | 9.4% | 368,177 | 333,174 | 10.5% | 14.4% | |||||||||
Malyi 2 | 695 | EUR 182 | 113,289 | 101,810 | 11.3% | 371,891 | 333,611 | 11.5% | 15.3% | |||||||||
Malyi 3 | 695 | EUR 182 | 113,377 | 101,810 | 11.4% | 372,548 | 333,611 | 11.7% | 15.5% | |||||||||
Puspokladány 1 | 1,406 | EUR 90 | 248,524 | 250,173 | -0.7% | 789,119 | 735,562 | 7.3% | 5.8% | |||||||||
Puspokladány 2 | 1,420 | EUR 189 | 267,679 | 247,850 | 8.0% | 830,309 | 712,206 | 16.6% | 9.8% | |||||||||
Puspokladány 3 | 1,420 | EUR 188 | 263,298 | 242,676 | 8.5% | 813,010 | 695,679 | 16.9% | 9.0% | |||||||||
Puspokladány 4 | 1,406 | EUR 188 | 262,721 | 248,681 | 5.6% | 809,968 | 730,827 | 10.8% | 8.8% | |||||||||
Puspokladány 5 | 1,420 | EUR 189 | 266,174 | 247,297 | 7.6% | 829,242 | 710,576 | 16.7% | 8.7% | |||||||||
Puspokladány 6 | 1,394 | EUR 90 | 260,618 | 247,874 | 5.1% | 804,613 | 721,141 | 11.6% | 9.0% | |||||||||
Puspokladány 7 | 1,406 | EUR 90 | 260,363 | 248,577 | 4.7% | 807,549 | 730,406 | 10.6% | 9.0% | |||||||||
Puspokladány 8 | 1,420 | EUR 188 | 262,348 | 243,217 | 7.9% | 811,620 | 697,675 | 16.3% | 8.7% | |||||||||
Puspokladány 9 | 1,406 | EUR 90 | 262,347 | 248,466 | 5.6% | 809,089 | 729,991 | 10.8% | 18.6% | |||||||||
Puspokladány 10 | 1,420 | EUR 188 | 262,829 | 242,514 | 8.4% | 812,278 | 695,061 | 16.9% | 9.1% | |||||||||
Tolna 1 | 1,358 | EUR 185 | 268,450 | 266,959 | 0.6% | 856,899 | 820,676 | 4.4% | na | |||||||||
Tolna 2 | 1,358 | EUR 182 | 231,089 | 232,512 | -0.6% | 231,089 | 232,512 | -0.6% | na | |||||||||
Total Hungarian PP | 51,814 | 8,733,805 | 8,232,911 | 6.1% | 28,344,548 | 25,663,897 | 10.4% | 16.4% | ||||||||||
Symonston | 144 | EUR 234 | 7,970 | 8,513 | -6.4% | 64,270 | 75,866 | -15.3% | -14.6% | |||||||||
Leeton | 7,261 | EUR 178 | 744,810 | 907,440 | -17.9% | 5,593,370 | 6,222,730 | -10.1% | na | |||||||||
Fivebough | 7,261 | EUR 182 | 711,500 | 890,525 | -20.1% | 5,522,400 | 6,150,095 | -10.2% | na | |||||||||
Total Australian PP | 14,744 | 1,464,280 | 1,806,478 | -18.9% | 11,180,040 | 12,448,691 | -10.2% | nm | ||||||||||
Total | 91,905 | 13,775,832 | 13,375,428 | 3.0% | 51,297,741 | 48,826,330 | 5.1% | 49.6% |
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 2022 / YTD proj. in 2022) - 1.
YTD YOY: (YTD Prod. in 2022 / YTD Prod. in 2021) - 1.
1 All amounts were converted using the following exchange rates (sources ECB):
- in the Czech Republic: EUR/CZK of 24.71 as of 31 May 2022 applied to Green Bo- nus + realized electricity price.
- in Hungary, daily exchange EUR/HUF rates applied to realized electricity price.
- in Australia, EUR/AUD of 1.49 as of 31 May 2022 applied to realized 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 | +31 202 402 570 | | photonenergy.com | 4/12 |
Photon Energy N.V.
Chart 1.a Total production of the Czech portfolio
MWh | 8,000 |
7,000 | |
in | 6,000 |
production | 5,000 |
4,000 | |
3,000 | |
Cumulative | 2,000 |
1,000 | |
0 |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Q1 April May
Monthly Report for May 2022
Chart 1.b Total production of the Slovak portfolio
MWh | 8,000 |
7,000 | |
in | 6,000 |
production | 5,000 |
4,000 | |
Cumulative | 3,000 |
0 | |
2,000 | |
1,000 |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Q1 April May
Chart 1.c Total production of Hungarian portfolio
MWh | 30,000 |
25,000 | |
in | |
production | 20,000 |
15,000 | |
Cumulative | 10,000 |
0 | |
5,000 |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Q1 April May
The Company reports 51.3 GWh of electricity produced YTD compared to 34.3 GWh one year ago (+49.6%) propelled by the addition of two new power plants in Tolna, Hungary (1.4 MWp added in December 2021 and 1.4 MWp added in May 2022) 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 20,963 tonnes of CO2 emissions year-to-date.
In May the proprietary portfolio outperformed the audits by 3.0%. Our Czech, Slovak, and Hungarian portfolios exceeded energy forecasts by 5.0%, 10.8% and 6.1%, respectively, while our Aus- tralian portfolio was short of estimates by 18.9%. The specific performance ratio of the proprietary portfolio (SPR) reached 149.9 kWh/kWp compared to 137.0 kWh/kWp one year ago (+9.4% year-on year).
In May 2022 Photon Energy's proprietary portfolio of PV power plants with a total installed capacity of 91.9 MWp generated its highest monthly production volume in the company's history with 13.8 GWh (+34.7% year-on-year) of renewable energy supplied
Chart 1.d Total production of Australian portfolio
MWh | 12,000 |
10,000 | |
in | |
production | 8,000 |
6,000 | |
Cumulative | 4,000 |
2,000 | |
0 |
2014 2015 2016 2017 2018 2019 2020 2021 2022
Q1 April May
to the grid. With over 80% of the portfolio selling electricity at market prices the company's energy generation revenues in May equally reached a record of EUR 3.647 million, up 69.8% year-on- year.
As in Europe, energy prices in Australia have experienced a sharp increase in recent weeks as evidenced by average revenues per MWh (including revenues for Large Generation Certificates) of EUR 181 in May 2022, compared to an average of EUR 68 and EUR 124 in March and April 2022, respectively. As a result, the Leeton and Fivebough PV power plants with a combined installed capacity of 14.5 MWp are expected to reach their budgeted revenue target of AUD 2.6 million (EUR 1.7 million) already by August 2022 and to exceed their full-year target significantly.
Photon Energy's management board reconfirms its financial guidance for consolidated revenues in 2022 to increase to EUR 65.0 million from EUR 36.4 million in 2021, representing a 78.8% increase YoY, leading to an increase of EBITDA to EUR 18.0 million from EUR 9.6 million in 2021(+87.8% YoY).
Table 2. Estimated Revenues from Electricity Generation in May 2022*
Portfolio | Capacity | Prod. May | Avg. Revenue May | Total Revenue May | YTD Avg. Revenue | YTD Revenue |
Unit | MWp | MWh | per MWh | In Euro thousand | per MWh, in 2022 | In Euro thousand |
Czech Republic | 15.0 | 2,137 | EUR 739 | EUR 1,580 | EUR 756 | EUR 5,332 |
Slovakia | 10.4 | 1,441 | EUR 263 | EUR 275** | EUR 263 | EUR 893** |
Hungary | 51.8 | 8,734 | EUR 175 | EUR 1,528 | EUR 139 | EUR 3,936 |
Australia | 14.7 | 1,464 | EUR 181 | EUR 264 | EUR 104 | EUR 1,158 |
Total Portfolio | 91.9 | 13,776 | EUR 270 | EUR 3,647 | EUR 227 | EUR 11,318 |
- Estimates for revenues are based on management reporting and may deviate from published financial statements due to exchange rates.
- Slovak joint-ventures SK SPV 1 s.r.o., Solarpark Polianka s.r.o., and Solarpark Myjava s.r.o. are consolidated at equity only and therefore not presented in the above table.
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Photon Energy NV published this content on 14 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2022 22:02:03 UTC.