Photon Energy breaks ground on 14.1-MWp Hungarian solar portfolio

Amsterdam-based solar developer Photon Energy NV (WSE:PEN) said today it has initiated the construction of a 14.1-MWp portfolio of solar projects in Hungary.

The bundle consists of 10 photovoltaic (PV) plants that will be installed in the Puspokladany district of North Eastern Hungary. They will cover a total area of over 19.8 ha and are expected to bring annual revenues of around EUR 1.94 million (USD 2.2m) once commissioned in the last quarter of this year.

The solar plants are seen to generate about 20 GWh of electricity per year, supplying their output to the grid of E.on Tiszantuli Aramhalozati Zrt, a unit of Germany’s E.on SE (ETR:EOAN). Photon will operate the PV parks through four wholly-owned project companies that own a total of 10 METAR licences. With these licences, five of the plants will get a feed-in tariff (FiT) of HUF 33,360 (USD 108.4/EUR 96.7) per MWh for 15 years and 5 months, while the other five will be entitled to the same tariff for 17 years and 11 months.

Photon Energy Solutions HU Kft will be in charge of the engineering, procurement, and construction (EPC) and will also monitor, operate and maintain the PV plants.

Once the 14.1-MWp bundle is put on stream, Photon Energy will have 88.6 MWp of solar farms in its portfolio, of which 49.1 MWp in Hungary, it said.

(HUF 100 = USD 0.325/EUR 0.290)

(EUR 1.0 = USD 1.122)

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