Photon compensations 1.3-MWp merchant solar farm in Hungary

• Amsterdam-based solar designer Photon Energy NV (WSE: PEN) claimed on Friday that it has grid-connected its 1.3-MWp solar PV farm in Hungary, its initial merchant project in Europe.

The project, located near the district of Tolna, was totally established in-house by Photon's Hungarian EPC company on a financial investment of EUR 1.0 million (USD 1.1 m). Photon made use of proceeds from its recent EUR-55-million green bond to money the Tolna project, it claimed.

The plant occupies a location of over 2.2 hectares (5.4 acres), where Photon's group mounted bi-facial PV modules installed on single-axis trackers. Its total annual output is estimated to be around 2.1 GWh, which may lead to earnings of EUR 420,000 per year based on present forward costs for electrical energy base tons in Hungary in 2022.

"Provided the nuclear power plant's electrical energy manufacturing profile, there is potential for also higher incomes in 2022," Photon said.

Having no assistance from aids and power purchase agreements (PPAs), the Tolna solar farm will offer its power outcome on the Hungarian electricity market on a merchant basis. Photon is not dismissing the duty of PPAs in the plant's future profits monitoring approach, along with other hedging options, the firm included.

This summertime, Photon commissioned two merchant solar farms for an overall of 14.6 MWp in Australia.

Going forward, Photon's procedures unit in Hungary will certainly offer long-lasting surveillance, operations as well as upkeep services to the Tolna solar farm.

With the most recent enhancement in Hungary, Photon increases its portfolio of proprietary solar farms in the nation to 62 plants with 50.4 MWp of combined capacity. Globally, the group owns and also operates 87 solar farms completing 90.6 MWp, its states.