Photon Energy sells majority stake in 160-MWp Aussie solar project

Amsterdam-based solar power and clean water company Photon Energy NV (WSE:PEN) has sold a 65% stake in a 160-MWp solar project in the Australian state of New South Wales to global renewable energy group Wirsol.

The transaction concerns the solar photovoltaic (PV) development in Maryvale within the NSW Central-West Orana Renewable Energy Zone.

Photon Energy said in a statement today that it will immediately realise a capital gain of about EUR 0.5 million (USD 0.56m), with another two milestone payments to be made to the company upon successful completion of the project.

The company said that following the project exit, it will fully focus its future project development activities in Australia on large utility-scale schemes designed to utilise RayGen, a technology that combines PV Ultra solar co-generation and electro-thermal energy storage.

(EUR 1.0 = USD 1.126)

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