DGAP-News: Photon Energy Group Exceeds in First 8 Months of 2022 Full-year 2021 Revenues from Electricity Sales

Photon Energy Group Exceeds in First 8 Months of 2022 Full-year 2021 Revenues from Electricity Sales

 

Amsterdam – 13 September 2022 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (‘Photon Energy Group’ or the ‘Company’) announces that its 91.9 MWp proprietary portfolio of PV power plants generated the highest electricity revenues for the month of August in its history. While the production volume of 12.96 GWh of electricity remained 11.9% below the June record of 14.71 GWh, it was up 11.7% YOY. Growing electricity market prices have led to electricity sales revenues of EUR 5.948 million, an increase of 6.9% compared to the previous revenue record in July 2022 (and up 160% YOY).

In the first two months of the third quarter 2022 the Company reports electricity generation revenues of EUR 11.513 million, representing a 131.7% YOY increase over electricity revenues of EUR 4.967 million in July and August 2021 combined. These revenues generated in July and August 2022 also represent an outperformance of 75.3% over the entire electricity revenues generated in Q3 2021 and are already 5.0% above the record revenues of EUR 10.963 million reported in Q2 2022, a record quarter for Photon Energy Group.

Year-to-date, the Company reports 93.501 GWh of electricity produced compared to 71.236 GWh one year ago (up 31.3% YOY). With 83% of the Company’s IPP (independent power producer) portfolio selling electricity directly to the grid at market prices, the Company has already achieved revenues of EUR 27.251 million in the first eight months of 2022, compared to EUR 19.402 million for the full year of 2021 (up 40.5% compared to full-year 2021 electricity revenues).

‘The energy market environment in 2022 fully validates our merchant strategy for our IPP portfolio, and allows for the significant operating leverage in our business to become ever more visible. The August revenue numbers have substantiated our recently upgraded 2022 financial guidance for the Company’s consolidated revenues, from the previously communicated EUR 65 million to EUR 85 million (up 133.8% YOY) and for EBITDA from the previous EUR 18 million to EUR 24 million (up 150.4% YOY),’ commented Georg Hotar, CEO of Photon Energy Group.

Electricity Futures prices on the EEX for the calendar year 2023 in Hungary and Romania, two of the Company’s core markets, are around EUR 550 per MWh of baseload and EUR 730 per MWh of peakload, providing an outstanding environment for the Photon Energy Group’s outlook for 2023.

About Photon Energy Group – photonenergy.com

Photon Energy Group delivers solar energy and clean water solutions around the world. Its solar power services are provided by Photon Energy; since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 120 MWp and has power plants with a combined capacity of 91.9 MWp in its proprietary portfolio. It is currently developing projects with a combined capacity of 892 MWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for around 330 MWp worldwide. The group’s second major business line, Photon Water, provides clean water solutions including treatment and remediation services, as well as the development and management of wells and other water resources. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges. The company is headquartered in Amsterdam, with offices across Europe and in Australia.

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