February 14 (Renewables Now) - Amsterdam-based developer Photon Energy NV (WSE:PEN) closed the books on 2019 recording EUR 6.51 million (USD 7.1m) in total comprehensive income, up 148% year-on-year.
The company posted a net loss from continuing operations of EUR 0.7 million compared to a profit of EUR 0.6 million in 2018.
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) dropped by 6.2% to EUR 7.64 million, which the solar project developer attributed to investments in its team and projects.
Photon’s consolidated revenues reached a record EUR 30.15 million, up by 48.9%, as a result of a 54.4% boost in power production.
Thanks to 20.1 MWp of new solar farms in Hungary, and solid outputs from those in Slovakia and the Czech Republic, Photon’s proprietary portfolio generated a record 43.8 GWh in 2019. These production levels represented a 54.4% increase over the year and were 8.2% above energy forecast, Photon said.
Revenue growth was further underpinned by Photon's engineering, procurement and construction (EPC), operations and maintenance (O&M) and technology business lines.
After a busy fourth quarter last year, commissioning 18 photovoltaic (PV) parks totalling 12.6 MWp in Hungary, Photon’s proprietary portfolio hit 51.7 MWp of solar capacity compared to 31.6 MWp in 2018.
Some of the company’s fourth-quarter highlights include winning tenders to design and build a solar-plus-storage solution in Australia’ Lord Howe Island, and a 950-kWp PV park next to a sewage treatment plant in Poland.
(EUR 1.0 = USD 1.08)