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 | ||||||||||
- 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.
- 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 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.
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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 | ||
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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.