Dutch-based solar developer Photon Energy said that it has recorded revenues from electricity sales in the amount of 15.1 million euros in the third quarter of 2022, which is an 130 % increase year- on-year.
The increase is due to the company’s decision to switch 83 % of its solar portfolio to a merchant model earlier this year in order to benefit from rising electricity prices on the market.
The company’s portfolio of 91.9 MW in solar power generated a total of 37 GWh of electricity in the third quarter of the year, which is 6.6 % increase compared to the same period last year.
In the first nine months of 2022, Photon Energy recorded revenues in the amount of 30.8 million euros, a 58.7 % increase year-on-year.
Due to new circumstances, Photon Energy revised its guidance for 2022 and now forecasts total revenues of 85 million euros and EBITDA of 24 million euros in 2022, up from initial estimate of revenues of 65 million euros and EBITDA of 18 million euros.