Amsterdam-based solar developer Photon Energy NV (WSE:PEN) said on Friday it has brought online a 1.4-MWp solar plant in Hungary, expanding its portfolio of proprietary solar farms in the country to 51.8 MWp.
The latest addition to the company’s operational fleet is a EUR-1-million (USD 1.1m) solar plant in the municipality of Tolna that covers more than 2.8 ha (6.9 acres) of land. It is equipped with bi-facial photovoltaic (PV) modules mounted on single-axis trackers and is connected to the power grid of utility E.on Del-dunantuli Aramhalozati Zrt.
The plant’s total annual output is estimated to be around 2.1 GWh, which may lead to revenues of EUR 420,000 per year based on current forward prices for electricity base load in Hungary in the next 12 months. The power generation will be sold on the Hungarian electricity market on a merchant basis.
While no power purchase agreements (PPAs) will be involved in the project’s operations, Photon said that such contracts may play a role in the plant’s future revenue management strategy, alongside other hedging options.
With the latest plant going online in Hungary, Photon has 63 solar parks in operation in the country. Globally, the group owns and operates 88 solar farms with a combined capacity of 91.9 MWp.
(EUR 1.0 = USD 0.951)
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