Dutch solar power company connects new units to Hungarian grid

Global solar power solutions provider Photon Energy has announced that its Hungarian subsidiary has built and grid connected eight photovoltaic power plants with a combined capacity of 5.5 MWp in Almásfüzitő.
Dutch solar power company connects new units to Hungarian grid
The project of Photon Energy Solutions HU Ltd. is expanding the Group’s proprietary portfolio of PV power plants to 37.1 MWp.

Covering an area of 6.96 hectares, the plants are connected to the grid of E.ON Észak-dunántúli Áramhálózati Zrt and are expected to generate around 6.8 GWh of electricity per year.

“Having now connected 11.5 MWp in total to the grid in Hungary is a major achievement for Photon Energy as a developer, an EPC contractor, and an investor," commented Georg Hotar, CEO of Photon Energy.

This is one step closer to the Group’s goal to build 50 MWp of PV power plants for long-term ownership in Hungary until 2020, he added.

Photon Energy will own and operate the projects through the Group’s wholly owned company Rácio Master Kft. The subsidiary owns eight KÁT licenses that entitle the power plants to a feed-in tariff of 32,000 HUF per MWh (cc. EUR 100 per MWh) over a period of 25 years with a maximum approved and supported production of 15,500 MWh per license. Total annual revenues of all power plants are expected to amount to around EUR 680,000.

The eight PV power plants in Almásfüzitő are part of the company’s 11.5 MWp proprietary PV power plant portfolio in Hungary, for which Photon Energy secured long-term non-recourse project financing with K&H Bank, the Hungarian subsidiary of the Belgian KBC Group and one of Hungary's largest banking and financial services firms as well as a leading local player in project finance, earlier this year.

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