Hungary: Higher revenues of Photon Energy in Q2 2020

, SEE Energy News

Photon Energy has finished the second quarter of 2020 with a total income of 1.2 million euros, a 78 % increase compared to the same period last year. Photon Energy is Dutch-based solar developer with its portfolio mostly focused on Hungary.

The company’s earnings before interest, tax, depreciation and amortization (EBITDA) rose by 14.8 % to 4.03 million euros, which was an all-time high for the second quarter. Unaudited consolidated revenues rose by 11.9 % to 8.88 million euros, which is another quarterly record.

The revenue growth was partly underpinned by output from new and existing solar plants, with electricity generation increasing by 73.7% to 25.2 GWh in the second quarter. However, the company’s consolidated net loss amounted to 969,000 euros in Q2 2020, compared to a net profit of 208,000 in Q2 2019, as a result of an adjustment of deferred taxes related to this year’s first quarter.

In the first six months of 2020, Photon’s revenues increased by 17 % to 14.2 million euros, while its EBITDA rode by 18.3 % to 5.43 million euros. The net loss in the first half of 2020 amounted 2.68 million euros, compared to 1.07 million euros a year earlier. In June, Photon Energy started the construction of 10 solar power plants with a total capacity of 14.1 MW in Puspokladany. The new power plants will stretch over 19.8 hectares and supply electricity to E.ON’s network. The company expects the power plants to generate approximately 20 GWh of electricity per year.

Photon Energy will operate the power plants through four wholly-owned project companies with a total of 10 METAR licenses. Five licenses entitle each power plant to a feed-in tariff 96.75 euros/MWh for 15 years and 5 months, with a maximum approved and supported production of 29,955 MWh per license. The remaining five licenses entitle each power plant to the same feed-in tariff for 17 years and 11 months, with a maximum approved and supported production of 34,813 MWh per license. The total annual revenues of all ten power plants are expected to amount to over 1.9 million euros.