Nagyecsed solar farm in Hungary. Image by Photon Energy (www.photonenergy.com)
Amsterdam-based solar and water solutions company Photon Energy NV (WSE:PEN) is upbeat about its growth prospects in 2022 and projects a significant increase in both revenue and earnings, driven by an expansion of its own portfolio and high electricity prices.
Consolidated revenues are expected to surge 78.8% on an annual basis to EUR 65 million (USD 70.2m) in 2022, while earnings before interest, tax, depreciation and amortisation (EBITDA) are seen at EUR 18 million, up 87.8%.
The solid growth expectations are based on the company's expanded proprietary portfolio and high electricity prices. The latest additions to the portfolio include two solar photovoltaic (PV) plants in Australia with a combined capacity of 14.6 MWp and a 1.4-MWp site in Hungary. These assets and most of Photon Energy's power plants in Hungary are operating on a merchant basis without state support and benefit from the high power prices.
Growth impetus is expected to come also from the engineering, procurement and construction (EPC) business and the significant interest in ‘behind-the-meter’ PV installations for industrial customers and off-takers.
Photon Energy has a proprietary project pipeline totalling 746 MWp and plans to continue investing in new solar plants.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.