February 23 (SeeNews) - Solar energy and clean water solutions group Photon Energy said on Thursday that its subsidiary, Photon Energy Engineering Romania, has completed and connected to the grid a 5.7 MWp photovoltaic (PV) power plant in the town of Siria, in western Romania.
The facility is the group’s first utility-scale PV power plant in Romania and is expected to generate 1.4 million euro ($1.5 million) in revenues based on the country's current forward prices for electricity base load in the next twelve months, Photon Energy said in a press release.
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The plant is set to deliver around 8.7 GWh of renewable energy annually to the grid managed by Romanian distributor Enel E-Distributie Banat.
"The power plant marks another important step in our efforts to grow our independent power producer (IPP) portfolio, while representing a true milestone for Photon Energy in the Romanian renewable energy market, where we plan to commission an additional capacity of around 26 MWp, expanding our IPP portfolio to over 120 MWp in the coming months," Georg Hotar, CEO of Photon Energy Group, said.
The power plant is owned and operated by Siria Solar, a local company set up as a special purpose vehicle, fully-owned by Photon Energy Group.
Photon Energy plans on developing 220 MWp of utility-scale solar PV projects in Romania, of which a capacity of 25.8 MWp is set to be commissioned in the coming months. The remaining projects are expected to be built and delivered in 2023 and 2024, solidifying the Romanian market as a significant contributor to Photon Energy’s expansion goals.
In a broader context, Photon Energy plans on developing solar PV projects with a combined capacity of over 912 MWp in Australia and its key Central Eastern European (CEE) markets.
In December, Photon Energy said that its operations in Romania will not be affected by regulatory changes, as its plants have been commissioned after September 1 and are exempt from any price caps. The company expects its new solar parks to significantly boost its financial performance in 2023.