Photon Energy N.V.

Monthly Report for May 2024

For the period from 1 to 31 May 2024

Photon Energy N.V.

Monthly Report for May 2024

1. Short Summary of Business Highlights in the Reporting Period

1.1 Generation Results of Photon Energy's

Proprietary Power Plants

May was a very good month for our IPP portfolio. The monthly electricity production of our power plants amounted to 19.0 GWh, compared to 14.1 GWh a year earlier, up by 34.0% YoY. Year-to- date (YTD) generation amounted to 67.2 GWh compared to 50.3 GWh a year ago, up by 33.7% YoY. Czech, Slovak and Australian power plants generated more than expected in our energy audits thanks to favourable weather conditions. Power plants in Romania and Hungary slightly underperformed. Underperformance of the Hungarian power plants can be partially attributed to the curtailment of electricity generation and partially to failures in two power plants, where transformer stations were damaged by water and had to be repaired. We expect those lost revenues to be covered by our insurance.

The average specific yield (total generation in the period / average capacity in the period) reached a level of 142.7 kWh/kWp compared to 140.5 kWh/kWp a year earlier, +1.6% YoY.

Total electricity generation YTD represented an avoidance of 22,850 tonnes of CO2e emissions. For further details, see section 2: Generation Results.

January 2025. The Supervisory Board has nominated David Forth, the Group's CFO, to replace Michael on the Board of Directors. For more details please refer to ESPI report 13/2024.

1.4 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 website, at ir.photonenergy.com/corporate-governance.

1.5 Sale of 20.4 MWp Solar PV Project to Uniper

On 8 May 2024, we concluded a preliminary agreement for the sale of a 20.4 MWp photovoltaic project in Poland to Uniper Renewables GmbH. The conclusion of the final share purchase agreement will take place after meeting certain conditions precedent, including obtaining full ready-to-build status. For more details please see our press release here.

1.2 Average Electricity Prices Realised by Proprietary 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. In May, YTD average realised revenue increased to EUR 145/MWh compared to EUR 139/MWh in April. Average realised electricity prices in May amounted to EUR 160/MWh compared to EUR 180/MWh a year earlier, down by -11.1% YoY.

The highest average prices were realised by our Czech power plants, with an average of EUR 649/MWh. Prices realised by our Slovak power plants remained stable at EUR 263/MWh. In Hungary realised prices increased to an average of EUR 112/MWh (40.6 MWp under FiT and 11.2 MWp under the merchant model). In Australia we recorded a significant price increase to EUR 82/MWh compared to EUR 47/MWh last month. This is due to an intra-day, extraordinary price spike. The lowest prices were realised in Romania, with averages of EUR 65/MWh. For further details, see section 3: Average Revenues Realised by Our Power Plants.

1.3 Announced Changes in the Corporate Bodies

On 2 May, the Board of Directors announced that after more than 16 years of working with Photon Energy Group, Michael 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. Mr. 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

1.6 Signing Financing Agreement for EUR 15 million with EBRD

On May 10 2024, the Company signed a senior secured loan agreement with European Bank for Reconstruction and Development ("EBRD") for the amount of up to EUR 15 million.

The loan is denominated in EUR. The financing period is 7 years. 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. For more details please see ESPI report 15/2024.

1.7 Expansion to New Zealand with a 20.8 MWp EPC Project

Earlier this year, we announced that Photon Energy Australia has secured EPC contracts for a total installed capacity of nearly 21 MWp. In May, we were able to disclose the details of this contract. The project is located in Pukenui, in the Far North District of New Zealand. It will be equipped with high-efficiency solar PV modules mounted on a mix of fixed east-west- and north-facing ground mounts.

Construction works began in Q1 2024 and are now underway. The facility will be comprised of solar modules with a total capacity of 20.8 MWp, connected to the Top Energy network.

The project represents Photon Energy's first utility-scale project in New Zealand and will be one of the first utility-scale projects to be developed by Aquila Clean Energy and FSNF in the country. Photon Energy was also selected to provide ongoing O&M services for the project.

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 May 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 May 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 May

kWp

per MWh

2,354

646 EUR

2,031

646 EUR

1,645

646 EUR

1,231

646 EUR

1,159

646 EUR

210

646 EUR

926

694 EUR

1,499

646 EUR

1,499

646 EUR

2,305

646 EUR

137

646 EUR

14,996

649 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

121 EUR

689

121 EUR

689

121 EUR

689

121 EUR

689

121 EUR

689

121 EUR

689

121 EUR

689

121 EUR

695

121 EUR

695

121 EUR

695

121 EUR

695

121 EUR

695

121 EUR

660

121 EUR

691

121 EUR

668

121 EUR

689

121 EUR

689

121 EUR

689

121 EUR

528

121 EUR

699

121 EUR

699

121 EUR

699

121 EUR

691

121 EUR

699

121 EUR

697

121 EUR

Prod. May

Proj. May

Perf.

kWh

kWh

%

292,603

300,220

-2.5%

277,746

261,310

6.3%

190,354

185,560

2.6%

141,534

140,090

1.0%

162,559

158,780

2.4%

27,152

26,490

2.5%

124,523

119,210

4.5%

200,479

207,370

-3.3%

200,876

209,650

-4.2%

348,527

301,260

15.7%

19,634

18,480

6.2%

1,985,987

1,928,420

3.0%

118,784

117,350

1.2%

117,697

117,430

0.2%

128,740

126,260

2.0%

96,754

90,400

7.0%

149,858

136,910

9.5%

151,593

136,810

10.8%

129,111

103,750

24.4%

130,791

103,890

25.9%

125,205

122,620

2.1%

128,621

122,680

4.8%

143,142

140,420

1.9%

1,420,297

1,318,520

7.7%

104,729

94,820

10.5%

105,642

94,890

11.3%

99,391

95,020

4.6%

105,823

95,160

11.2%

105,224

95,260

10.5%

104,853

94,070

11.5%

105,154

94,670

11.1%

104,498

94,000

11.2%

102,684

92,100

11.5%

99,522

89,460

11.2%

95,642

89,300

7.1%

101,998

92,210

10.6%

104,117

93,470

11.4%

103,793

92,950

11.7%

103,855

92,520

12.3%

105,088

91,020

15.5%

106,672

100,960

5.7%

105,203

103,780

1.4%

105,512

100,530

5.0%

83,857

74,050

13.2%

106,863

82,090

30.2%

106,119

82,450

28.7%

105,285

98,120

7.3%

105,428

97,830

7.8%

104,721

81,600

28.3%

107,495

104,110

3.3%

YTD Prod.

YTD Proj.

Perf.

YTD YoY

kWh

kWh

%

%

972,402

991,170

-1.9%

4.7%

856,239

921,740

-7.1%

2.5%

613,250

640,380

-4.2%

3.5%

436,502

456,690

-4.4%

3.2%

532,979

545,750

-2.3%

5.6%

85,334

89,340

-4.5%

1.6%

388,135

400,210

-3.0%

2.3%

679,252

686,570

-1.1%

4.7%

679,996

697,610

-2.5%

4.6%

1,021,248

1,008,170

1.3%

6.9%

64,207

63,880

0.5%

11.2%

6,329,544

6,501,509

-2.6%

4.5%

349,885

354,360

-1.3%

2.7%

348,408

360,720

-3.4%

2.1%

385,488

395,100

-2.4%

5.1%

293,632

267,200

9.9%

13.3%

472,628

469,590

0.6%

3.8%

483,327

479,790

0.7%

4.1%

365,788

329,030

11.2%

8.1%

368,885

322,800

14.3%

13.9%

404,374

398,170

1.6%

7.6%

379,231

362,900

4.5%

9.5%

447,424

427,330

4.7%

7.9%

4,299,069

4,166,989

3.2%

6.8%

311,441

344,710

-9.7%

-6.3%

315,335

346,000

-8.9%

-5.9%

312,366

346,360

-9.8%

-2.6%

316,721

347,230

-8.8%

-5.8%

313,558

347,550

-9.8%

-5.9%

312,568

343,180

-8.9%

-6.3%

313,912

342,550

-8.4%

-6.1%

310,469

332,710

-6.7%

-6.1%

302,522

337,330

-10.3%

-4.6%

291,182

327,660

-11.1%

-5.6%

289,763

327,060

-11.4%

-5.8%

302,488

337,730

-10.4%

-4.7%

312,720

342,360

-8.7%

-3.6%

308,523

340,440

-9.4%

-4.3%

308,277

338,860

-9.0%

-4.2%

308,925

333,370

-7.3%

-4.1%

340,975

341,010

0.0%

2.5%

334,792

333,290

0.5%

1.3%

337,194

342,080

-1.4%

2.8%

268,548

268,730

-0.1%

7.1%

356,170

298,000

19.5%

9.5%

355,878

299,290

18.9%

9.5%

353,552

349,910

1.0%

9.1%

352,135

349,980

0.6%

9.2%

351,638

296,210

18.7%

8.9%

371,191

371,550

-0.1%

6.6%

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 May 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 PP

Symonston

Leeton

Fivebough

Total Australian PP

Total

Capacity

Revenue May

kWp

per MWh,

697

121 EUR

693

121 EUR

693

121 EUR

701

121 EUR

701

121 EUR

701

121 EUR

688

121 EUR

696

121 EUR

696

121 EUR

696

121 EUR

688

121 EUR

696

121 EUR

696

121 EUR

696

121 EUR

672

121 EUR

676

121 EUR

667

121 EUR

672

121 EUR

672

121 EUR

672

121 EUR

672

121 EUR

672

121 EUR

695

121 EUR

695

121 EUR

695

121 EUR

1,406

121 EUR

1,420

56 EUR

1,420

50 EUR

1,406

0 EUR

1,420

55 EUR

1,394

121 EUR

1,406

121 EUR

1,420

0 EUR

1,406

121 EUR

1,420

55 EUR

1,358

56 EUR

1,358

57 EUR

51,814

112 EUR

5,691

65 EUR

2,890

65 EUR

1,935

65 EUR

1,203

65 EUR

4,730

65 EUR

4,730

65 EUR

3,178

65 EUR

3,931

65 EUR

7,112

65 EUR

1,698

65 EUR

3,788

65 EUR

40,886

65 EUR

144

213 EUR

7,261

81 EUR

7,261

83 EUR

14,666

82 EUR

132,791

160 EUR

Prod. May

Proj. May

Perf.

kWh

kWh

%

107,680

99,760

7.9%

108,755

102,400

6.2%

108,654

103,730

4.7%

105,115

100,180

4.9%

106,128

100,180

5.9%

106,484

100,180

6.3%

102,602

75,850

35.3%

103,059

102,110

0.9%

103,864

104,510

-0.6%

102,515

105,710

-3.0%

103,596

107,630

-3.7%

102,593

106,950

-4.1%

104,271

106,980

-2.5%

103,516

106,290

-2.6%

120,487

106,070

13.6%

97,395

88,540

10.0%

97,919

88,400

10.8%

121,401

107,930

12.5%

119,051

108,140

10.1%

111,803

103,780

7.7%

121,587

107,080

13.5%

122,782

108,070

13.6%

112,661

105,060

7.2%

112,988

101,000

11.9%

113,199

105,810

7.0%

171,397

250,930

-31.7%

172,046

252,250

-31.8%

121,403

247,680

-51.0%

0

250,780

-100.0%

169,594

253,030

-33.0%

182,343

249,010

-26.8%

179,030

248,690

-28.0%

0

251,230

-100.0%

162,186

250,700

-35.3%

167,936

251,690

-33.3%

166,854

246,120

-32.2%

176,479

229,950

-23.3%

7,078,542

7,950,840

-11.0%

1,049,072

1,070,180

-2.0%

487,627

586,040

-16.8%

337,703

382,160

-11.6%

209,491

240,280

-12.8%

728,280

844,440

-13.8%

796,860

861,490

-7.5%

551,712

607,440

-9.2%

707,984

694,210

2.0%

1,210,112

1,372,420

-11.8%

181,280

242,710

-25.3%

548,000

716,410

-23.5%

6,808,121

7,617,780

-10.6%

5,600

8,640

-35.2%

833,345

814,770

2.3%

822,435

815,760

0.8%

1,661,380

1,639,170

1.4%

18,954,327

20,454,730

-7.3%

YTD Prod.

YTD Proj.

Perf.

YTD YoY

kWh

kWh

%

%

368,456

356,000

3.5%

6.8%

376,297

355,810

5.8%

7.1%

375,494

364,680

3.0%

6.4%

369,998

379,840

-2.6%

16.3%

368,112

379,840

-3.1%

14.6%

368,451

379,840

-3.0%

14.9%

312,875

269,330

16.2%

-7.0%

311,752

362,550

-14.0%

-6.4%

316,206

371,090

-14.8%

-5.9%

312,016

375,350

-16.9%

-6.9%

315,430

382,150

-17.5%

-6.3%

313,814

379,740

-17.4%

-6.1%

316,203

379,850

-16.8%

-5.5%

314,787

377,400

-16.6%

-6.6%

320,024

354,770

-9.8%

-2.1%

300,219

326,110

-7.9%

0.8%

302,797

326,240

-7.2%

1.6%

339,106

360,980

-6.1%

2.5%

333,497

347,930

-4.1%

0.9%

319,831

347,100

-7.9%

-0.6%

337,244

354,140

-4.8%

5.3%

340,635

361,440

-5.8%

4.8%

342,677

336,580

1.8%

3.9%

344,712

333,440

3.4%

4.3%

345,603

338,720

2.0%

4.3%

532,918

743,000

-28.3%

-23.6%

546,374

770,380

-29.1%

-24.7%

484,616

759,400

-36.2%

-32.8%

321,425

751,220

-57.2%

-54.6%

485,699

777,480

-37.5%

-34.5%

537,610

751,730

-28.5%

-24.7%

434,396

756,700

-42.6%

-39.8%

325,038

762,660

-57.4%

-55.4%

441,836

759,300

-41.8%

-39.0%

526,445

763,540

-31.1%

-27.9%

625,632

786,710

-20.5%

-14.6%

650,105

740,690

-12.2%

-13.3%

22,631,174

26,708,880

-15.3%

-10.7%

3,324,368

3,299,720

0.7%

65.4%

1,739,014

1,819,030

-4.4%

1202.4%

1,176,721

1,203,730

-2.2%

1200.8%

719,216

736,510

-2.3%

1159.8%

2,466,420

2,633,390

-6.3%

N/A

2,584,800

2,720,710

-5.0%

N/A

1,770,720

1,857,910

-4.7%

N/A

2,125,712

2,223,710

-4.4%

N/A

4,071,744

4,330,220

-6.0%

N/A

419,280

463,850

-9.6%

N/A

1,758,512

1,969,170

-10.7%

N/A

22,156,507

23,257,949

-4.7%

65.4%

65,100

71,910

-9.5%

3.5%

6,092,409

5,822,058

4.6%

-6.3%

5,646,702

5,671,776

-0.4%

-5.7%

11,804,211

11,565,744

2.1%

-6.0%

67,220,506

72,201,071

-6.9%

33.7%

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.

Monthly Report for May 2024

YTD Prod.: accumulated production year-to-date i.e. Jan- the end of the report. month.

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

MWh

8,000

7,000

in

6,000

production

4,000

Cumulative

5,000

3,000

2,000

1,000

0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q1

April

May

Chart 1.c Hungarian Portfolio Generation YTD 2024

MWh

30,000

25,000

in

production

15,000

20,000

Cumulative

10,000

5,000

0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q1 April May

Chart 1.b Slovak Portfolio Generation YTD 2024

MWhin

6,000

production

5,000

4,000

Cumulative

3,000

1,000

2,000

0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q1

April

May

Chart 1.d Australian Portfolio Generation YTD 2024

MWhin

10,000

12,000

production

8,000

Cumulative

6,000

2,000

4,000

0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Q1

April

May

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 May 2024

Portfolio

Capacity

Prod.

Avg. Revenue

Total Revenue

Avg. Revenue

Revenue

May

May

May

YTD

YTD

Unit

MWp

MWh

EUR/MWh

In Euro thousand

EUR/MWh, in

In Euro thousand

2024

Czech Republic1

15.0

1,986

649

1,289

642

4,065

Slovakia1

10.4

1,420

263

374

263

812

Hungary2

51.8

7,079

112

795

94

2,122

Romania3

40.9

6,808

65

442

72

1,605

Australia4

14.7

1,661

82

137

70

823

Total Portfolio

132.8

18,954

160

3,036

145

9,427

  1. Slovakian and Czech power plants benefit from a fixed feed-in-tariff support. Revenues from Slovak joint-ventures SK SPV 1 s.r.o., Solarpark Polianka s.r.o., and Solarpark Myjava s.r.o. are not presented in the above table.
  2. 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.
  3. All power plants in Romania sell electricity on merchant basis.
  4. In Australia realised revenue consists of market electricity price in NSW + Australian Large-scale Generation Certificate.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

photonenergy.com

5/9

Photon Energy N.V.

Monthly Report for May 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

85.1

61.7

36.4

10.7

202.4

Poland

252.5

16.8

20.41

-

-

289.6

Hungary

25.0

2.7

5.1

-

32.7

Australia

455.0

200.0

9.8

-

-

664.8

Total in MWp

740.9

301.9

94.6

41.5

10.71

1,189.5

*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

1,190 MWp

1200

1000 911 MWp

800

600

400

200

0

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Australia

Hungary

Romania

Poland

Summary of the changes in the projects under development during the reporting period:

  • In Romania, the project pipeline in the early development phase was reduced by over 5.0 MWp. This decision was made due to uneconomical grid connection conditions, which made the connection of those projects financially unviable. The projects Sarulesti (3.2 MWp) and Faget 3 (7.5 MWp) remain in the commissioning process, which has been prolonged 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). The final connection works and energising of both power plants is expected to take place on the cusp of Q2 and Q3 2024. Engineers are currently finalising the DSO processes. Once these are completed, the grid works can be executed.
    In the case of ready-to-build projects, in May we secured EBRD financing for projects Tamadu Mare 1 and 2, as well as Sannicolau 1 and 2. Construction will begin in Q3 2024.
    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.

  • In Hungary, we have finalised the designs for the construction of three ready-to-build projects: Tolna 2, 3 and 5. The new designs increase the overbuild ratio and substitute the planned south-facing structure with an east-west orientation. The total changes increase the portfolio's DC capacity by about 1.0 MWp. These design changes aim to shift the timing of generation to peak hours. This strategic adjustment is aimed at capturing higher electricity prices during periods of peak demand. The construction of these power plants is planned to start in Q3 2024, aligning with MAVIR regulatory commissioning requirements, assuming current economic assumptions remain viable.
  • In Poland, we concluded a preliminary agreement for the sale of a photovoltaic project in Poland with a total capacity of 20.4 MW. This project will remain visible in stage 3, Advanced Development, until the final agreement is executed.
  • The pipeline in Australia is currently under revision.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

photonenergy.com

6/9

Photon Energy N.V.

Monthly Report for May 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%

4.5

Merchant/PPA

Secured

Secured

Secured

Q3 2024

Projects adheres to DSO schedule for grid reinforcement works

Romania

Tamadu Mare-2

4

100%

6.1

Merchant/PPA

Secured

Secured

Secured

Q3 2024

Projects adheres to DSO schedule for grid reinforcement works

Romania

Sannicolau Mare

4

100%

7.4

Merchant/PPA

Secured

Secured

Secured

Q3 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%

1.6

Merchant/PPA

Secured

Secured

Secured

Q3 2024

Construction date delayed due to DSO commissioning timeline.

Hungary

Tolna 3

4

100%

2.0

Merchant/PPA

Secured

Secured

Secured

Q3 2024

Construction date delayed due to DSO commissioning timeline.

Hungary

Tolna 5

4

100%

2.0

Merchant/PPA

Secured

Secured

Secured

Q3 2024

Construction date delayed due to DSO commissioning timeline.

TOTAL

42.0

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 May 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

(internal/external). In Australia: Development application approved, offer to connect to grid received and detailed design commenced. 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:

  • 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 May 2024

6. Investor Relations Contact

Email: ir@photonenergy.com

Photon Energy N.V. Barbara Strozzilaan 201 1083 HN Amsterdam The Netherlands photonenergy.com

Amsterdam, 14 June 2024

Georg Hotar, Member of the Board of Directors

Michael Gartner, Member of the Board of Directors

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

photonenergy.com

9/9

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Photon Energy NV published this content on 17 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 June 2024 08:19:02 UTC.