Amsterdam/Warsaw – 25 January 2024 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (‘Photon Energy Group’, the ‘Company’ or the ‘Seller’), a leading international renewable energy services provider, recently announced the signing of a sale and development agreement with PM PV 7 Sp. z o.o. (the ‘Buyer’), a subsidiary of INWE Group. PM PV 7 is an existing client of the Company, with Photon Energy Group providing O&M services to PM PV 7’s portfolio of operating PV power plants in Poland.
The transaction, which closed in late December 2023, covers the sale of Photon Energy Group’s rights to the 2.3 MW AC PV Project in Złoczew and the provision of project development services to bring the project to the RTB stage by Q2 2024.
Photon Energy Group and INWE Group are also in advanced stages of negotiations regarding a comprehensive agreement for the sale and final development of Photon Energy Group’s pipeline of small- and mid-sized PV projects, which have a total capacity of up to 11.5 MW AC. The Company plans to bring these projects to the RTB stage by year-end 2024. Photon Energy Group previously announced its intention to sell its pipeline of Polish PV projects with secured grid connection capacity.
‘The sale of the Złoczew Project and our advanced discussions with INWE Group in relation to over 11.5 MW AC of our Polish project pipeline demonstrates the advantages of our integrated business model. What started with INWE Group entrusting their already operating PV power plants to Photon Energy Operations Polska for O&M services, is growing into a more comprehensive partnership,’ said Georg Hotar, CEO of Photon Energy Group. ‘We are pleased that in INWE Group we have found a partner who appreciates our approach – uncommon in the Polish market – of developing PV projects on single-axis trackers. We are fully committed to working closely with INWE Group to add to their portfolio the highest performing PV power plants, both in terms of electricity generation and financial returns, in the Polish market.’
‘The acquisition of the Złoczew project is fully in line with our strategy to further expand INWE’s investments into the Polish renewable energy sector,’ said Paweł Mazur, Management Board Member of INWE Group. ‘We started working with Photon Energy Group in early 2023 when they commenced providing professional O&M services to our PV power plants, and today we know that our organisations share the same long-term vision for the high quality development and operation of PV assets. By acquiring the Złoczew project, we are entering a strategic cooperation regarding Photon Energy Group’s pipeline of late stage projects, which we expect to provide our investors with attractive returns based on the more valuable electricity generation profile achieved by single-axis trackers.’
The project has an AC capacity of 2.3 MW and is located in Złoczew, Łódź Voivodeship. It has been designed and has all permits in place to be built on single-axis trackers, and is set to connect to PGE Dystrybucja’s overhead Medium Voltage Network. Photon Energy Group’s development services aim to deliver the final project permits in line with INWE’s preferred technical parameters.