Amsterdam-based solar and water solutions company Photon Energy NV (WSE:PEN) continued to turn last year’s losses into this year’s net profit during the first semester of 2022, following the decision to <a href="https://renewablesnow.com/news/photon-sees-better-q1-returns-on-switch-to-merchant-solar-784351/" target="_blank">change the revenue model</a> for some of its solar farms from feed-in-tariffs to merchant.