- The Group generated revenues of EUR 30.15 million in 2019, up 48.9% YoY, as a result of a 54.4% increase in electricity production and a sustained growth in EPC services (engineering, procurement and construction), Power Plant Operations & Maintenance services and Technology Sales
- The expansion of the Hungarian power plant portfolio by 20.1 MWp and the successful exit from two large-scale project development joint ventures in Australia resulted in a 218.6% YoY increase in Total Comprehensive Income to EUR 8.06 million and a consolidated equity of EUR 37.84 million
- The Company also secured long-term project financing for 46 projects in Hungary with a total capacity of 31.5 MWp
Amsterdam – 16 April 2020 – Photon Energy N.V. (WSE: PEN, the ‘Company’ or ‘Group’) today published its Annual Report for 2019, posting record audited financial results with consolidated revenues up by 48.9% to EUR 30.15 million, total comprehensive income up by 218.6% YoY to EUR 8.06 million and record consolidated equity of EUR 37.84 million.
ʺ2019 was another very dynamic year for Photon Energy across all its business lines, covering the entire life cycle of photovoltaic power plants. Building on our progress in our core growth markets Australia and Hungary in 2019, we have taken our first steps to enter the dynamic Polish market, where we are very excited to implement our proven business model in 2020 and beyond,ʺ commented Georg Hotar, CEO of Photon Energy.
ʺWith regards to the COVID-19 pandemic, Photon Energy’s diversified revenue streams reduce the potential negative impact on our business. For all projects to be implemented over the next six months we have already secured all necessary components, including solar modules,ʺ added Hotar.
In 2019 Photon Energy commissioned 20.1 MWp of PV power plants across six locations in Hungary. With the grid connection of another 5.4 MWp in March 2020, the Company now has 46 PV power plants in operation, bringing the Group’s total proprietary portfolio in the country to 31.5 MWp and the global total to 51.7 MWp. The Company secured long-term financing for these projects from K&H Bank for a period of 15 years.
The Company increased its O&M services portfolio by 21.2% or 48.1 MWp to 275 MWp by year-end 2019. Further 33 MWp of PV capacity have been added in Q1 2020, bringing the total to 308 MWp.
In Australia, the Company successfully completed a project for ALDI Stores Australia to build 31 rooftop installations with a combined capacity of 4.6 MWp on 31 stores and a distribution centre across New South Wales and Queensland. Photon Energy won a tender to design and build an integrated solar (1.2 MWp) and battery storage (with over 3.2 MWh capacity) system on the UNESCO-listed Lord Howe Island. In addition, the Company successfully exited from two out of five utility-scale projects, jointly developed with Canadian Solar, leading to a capital gain of EUR 4.32 million. Photon Energy remains involved in the development of four large-scale PV projects with a planned capacity of 738 MWp in Australia.
