Photon Energy breaks ground for sixth solar plant in Romania

The power plant is expected to generate around 7.1 GWh per year and is scheduled to commence operations in the fourth quarter of 2022, Photon Energy said in a press release.

Located near Teius in Alba county, the power plant will extend over 10 ha of greenfield land and will be equipped with some 8,700 solar panels. The power plant will be owned and operated by a special-purpose company fully owned by Photon Energy Group.

The energy produced at the plant will be delivered to the grid of Distributie Energie Electrica Romania and will be sold on the energy market on a merchant basis, without any support or a power purchase agreement with an energy off-taker.

"The power plant in Teius marks another important step in our efforts to commission a total capacity of around 32 MWp in Romania by the end of 2022. These new assets alone will expand our independent power producer (IPP) portfolio to over 120 MWp by the end of the year," Photon Energy Group CEO Georg Hotar said.

Earlier this year, the company started construction on its first five Romanian power plants, near Siria, Aiud and Calafat, with a generation capacity of 16.5 MWp. Upon completion, this sixth PV power plant will expand Photon Energy’s IPP portfolio to 94 power plants with a combined generation capacity of 131.1 MWp.

Based on energy price forecasts for the remainder of the year, the company estimates its revenues to jump by 134% on the year to 85 million euro ($87.6 million) in 2022, leading to 150% surge in EBITDA to 24 million euro.

Currently, the company is developing PV projects in Romania with a total capacity of 235.46 MWp, with with 21.2 MWp under construction and 12 MWp at a ready-to-build stage of development.

Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges. The company is headquartered in Amsterdam, with offices across Europe and in Australia.

It is currently developing projects with a combined capacity of 825 MWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for around 330 MWp worldwide.

($=0.9702 euro)