Photon Energy commissions PV power plants in Hungary

10/21/19, 2:01 PM -

Photon Energy Solutions, Hungarian subsidiary to the Photon Energy Group, have just completed eight PV power plants in Hungary.

Photon Energy commissions PV power plants in Hungary
All eight power plants cover a land area of nine hectares.

The Photon Energy Group announce that their Hungarian subsidiary Photon Energy Solutions have completed and grid-connected eight photovoltaic power plants with a total installed capacity of 5.6 megawatts in Monor, Hungary. This latest addition expands Photon Energy’s proprietary portfolio of PV power plants to 44.8 megawatts.

The plants, covering an area of nine hectares, are connected to the grid of NKM Áramhálózati Kft and are expected to generate around 6.9 gigawatt hours of electricity per year.

“We are delighted to have completed our PV power plants in Monor, where we commenced our project development activities in Hungary in 2016. Taking a project from inception to completion with the end result being a fully operating power plant is among the most rewarding experiences in our business and a source of pride for our team. Today’s addition to our portfolio takes us yet another step closer to our year-end 2021 portfolio target of 75 megawatts in Hungary,“ said Georg Hotar, CEO of the Photon Energy Group.

100 euros per megawatt hour for 25 years

Photon Energy will own and operate the power plants through the Group’s wholly owned project company Photon Energy HU SPV 1 Kft. The subsidiary owns eight KÁT licenses that entitle each power plant to a feed-in tariff of 32,590 forint per megawatt hour (approx. 100 euros per megawatt hour) over a period of 25 years with a maximum approved and supported production of 16,950 megawatt hours per license. Total annual revenues of all eight power plants are expected to amount to 680,000 euros.

Hungary has been the host country of this year’s Solar Decathlon Europe, a competition for engineering students from all over Europe that is held every two years. (mfo)