Photon Energy sees no near-term disruptions over COVID-19

Amsterdam-based solar developer Photon Energy NV (WSE:PEN) does not expect its business to be significantly disrupted by the spread of the COVID-19 pandemic in the near term since it has implemented continuity plans and safety procedures for its staff, as well as purchased material in advance for its next projects.

“With 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 said CEO Georg Hotar today.

The pandemic is not affecting the production of 69 photovoltaic (PV) parks totalling 57.1 MWp, which are operating as usual, Photon Energy said in its annual report.

Five PV projects it has under construction in Hungary are expected to be grid-connected with no significant delays.

The company’s operation and maintenance (O&M) unit can continue providing services from home offices or on-site if necessary for as long as possible.

The only business lines that are more vulnerable to the current global health crisis are engineering, procurement and construction (EPC), PV component trading and project development, but these have not reached a standstill, Photon Energy said.

The company published its audited 2019 financial results today, which show that total comprehensive income swelled by 218.6% year-on-year to EUR 8.06 million (USD 8.77m). This is up from EUR 6.51 million reported in mid-February.

Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped by 2.5% to EUR 7.94 million compared to EUR 7.64 million in the unaudited financial statement. Total revenues of EUR 30.15 million and a net loss of EUR -0.7 million in 2019 remained unchanged from the previous report.

(EUR 1.0 = USD 1.088)

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