Hungary: Photon Energy intends increase in solar generation

, SEE Energy News

Currently, Dutch-based renewable energy developer Photon Energy has 74.7 MW of solar power plants in operation in the Czech Republic, Slovakia, Hungary and Australia, as well as 300 MW of power plants it oversees under O&M contracts.

Photon Energy is planning to increase its portfolio of installed solar generation capacity to at least 600 MW and build a 1 GW portfolio of operations and maintenance (O&M) assets by 2024.

Photon Energy’s new plan outlines the trajectory of creating multiple revenue streams through its energy business and network support services. In line with the proposed expansion of the electricity generation asset base, the company will pursue a goal of having a 1.5 GW pipeline of solar projects, developed either internally or through partnerships, so as to support its business past 2024. Financially, Photon Energy will aim at a five-fold increase in earnings before interest, tax, depreciation and amortization (EBITDA) in 2024.

In late 2020, Photon Energy commissioned two solar power plants in Puspokladany with combined installed capacity of 2.8 MW, with estimated annual electricity production of 4.1 GWh. These power plants are a part of a larger project which envisages the commissioning of ten solar power plants located in Puspokladany in eastern part of Hungary. The first two solar power plants with installed capacity of 2.8 MW were commissioned in early October, with additional six put into operation in early November. With the latest additions, Photon Energy’s solar portfolio in Hungary has risen to 49.1 MW.