Photon Energy Group Sells Two Solar Power Plants and Hybrid PV Project to CleanPeak Energy, Refocusing on Utility-Scale Energy Storage Development
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Issuer: Photon Energy NV
/ Key word(s): Disposal
Photon Energy Group Sells Two Solar Power Plants and Hybrid PV Project to CleanPeak Energy, Refocusing on Utility-Scale Energy Storage Development
Amsterdam/Sydney – 2 October 2024 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (“Photon Energy Group” or the “Company”) today announced the sale of two operating solar PV power plants with a total installed capacity of 14.5 MWp and a hybrid development-stage solar / battery project with a capacity of 8.2 MWp / 10.9 MWh to CleanPeak Energy. “The sale of these assets to CleanPeak Energy is part of our refocusing on the development and deployment of energy storage technologies. By investing in energy storage, we aim to address one of the most critical challenges in the renewable energy sector – ensuring that clean energy is available whenever it is needed,” said Georg Hotar, CEO of Photon Energy Group. The Leeton and Fivebough solar farms, connected through 5 MW grid connections to the Essential Energy distribution network, were commissioned in 2021 and built using single-axis tracking and bi-facial solar modules to maximise energy yield throughout the day. Most of the electricity generated by these power plants is sold into the National Electricity Market (NEM), with a small proportion sold through a Power Purchase Agreement (PPA). The transaction also included the divestment of an 8.2 MWp / 10.9 MWh hybrid solar / battery project located in Boggabri, New South Wales, Australia. Completion of this transaction is contingent upon a limited number of conditions precedent which are expected to be satisfied in October 2024. The sale of these assets will result in a net cash contribution of over EUR 6 million to the Group’s financial statements. Pottinger acted as sole financial advisor, and Clifford Chance acted as legal advisor, to Photon Energy Group on the transaction.
A Shift Towards Energy Storage and Virtual Power Plant As Photon Energy transitions toward flexible energy solutions, the company aims to address one of the major challenges of renewable energy – intermittency. By focusing on the development of energy storage projects, Photon Energy intends to ensure that renewable energy can be stored and dispatched during periods of peak demand, increasing the reliability of renewable power. The pivot to energy storage together with its New Energy division and investment into RayGen is part of Photon Energy Group's broader strategy to position Photon Energy at the forefront of energy innovation. With the increasing importance of grid stability and the growing demand for renewable energy, the Company plans to play a critical role in the integration of renewable resources into the grid and for its customers.
About Photon Energy Group – photonenergy.com Photon Energy Group delivers solar energy and clean water solutions around the world. Its solar power services are provided by Photon Energy; since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 160 MWp and has power plants with a combined capacity of 131.1 MWp in its proprietary portfolio. It is currently developing projects with a combined capacity of 1 GWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for 880 MWp worldwide. Through its fully owned subsidiary Lerta, the Group has electricity trading licenses in Poland, the Czech Republic, Slovakia, Hungary, Romania and Serbia. Lerta is the third largest provider of DSR services to the Polish TSO with a contracted capacity of 389 MW for 2024, and through its Virtual Power Plant (VPP) aggregates energy generators and consumers with a total capacity of over 480 MW. The Group’s other major business line, Photon Water, provides clean water solutions including treatment and remediation services, as well as the development and management of wells and other water resources. Launching in fall 2024, Photon Remediation delivers comprehensive environmental remediation solutions, including patented in-situ technology that has been proven to effectively remove PFAS from groundwater and soil. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges, as well as XETRA, Germany’s leading online trading platform. Photon Energy Group is headquartered in Amsterdam, with offices in Australia and across Europe. About CleanPeak Energy – cleanpeakenergy.com.au CleanPeak Energy is an Australian-owned specialist renewable energy company. We build, own and operate a portfolio of solar, battery and thermal energy infrastructure – providing smart, reliable and cost-effective energy to our customers. Our tailored solutions make us the trusted partner of major Australian corporations and governments seeking to become more sustainable, reduce their carbon emissions and transition to net-zero. Our mission is to rapidly decarbonise energy generation in Australia and become Australia’s leading provider of distributed energy solutions. Since our inception in 2017, CleanPeak Energy has rapidly grown to be a major force in the development and operation of distributed energy and utility infrastructure. Our core business is the development of solar and battery assets to meet the energy needs of corporate customers seeking a pathway to net zero. We specialise in distributed energy solutions – generation & storage systems purpose-built at a client’s site that provide clean, reliable and cost-effective power right where it is needed. Alongside our solar and battery fleet, CleanPeak has specialised capability in the operation and management of large-scale sustainable infrastructure precincts. As investors in and operators of the utility infrastructure at the Barangaroo, Central Park, Mascot and Tonsley precincts, we provide services such as electricity via embedded network assets, thermal heating and cooling, recycled water and EV charging – optimizing and balancing generation from solar and storage assets to meet customer needs.
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