Despite the global coronavirus outbreak in Q1 2020 and its impact on business performance across industries, Photon Energy a Dutch-based solar developer, managed to provide uninterrupted service to its customers in this challenging first quarter, while making progress towards goals in key business segments. Photon Energy, with its portfolio mostly focused on Hungary, all-time high consolidated revenues in the amount of 5.3 million euros in the first quarter of 2020, up by 26.6 % compared to the same period last year, and EBITDA of 1.39 million euros, a 28.9 % increase. The increase in revenues was driven mainly by a significant increase in electricity production, due to the start of commercial operations at new power plants in Hungary, as well as steady power output from the Company’s power plants in the Czech Republic and Slovakia.
CEO of Photon Energy Georg Hotar said that the company successfully navigated an unusual quarter in its history. With regard to the COVID-19 pandemic, Photon Energy believes that its strong core of diversified and recurring revenues will reduce the potential negative impact on the business, serving as a solid foundation to weather the difficult times ahead.
In early April, Photon Energy commissioned eight solar power plants with a total installed capacity of 5.4 MW in the municipality of Tata, about 70 kilometers northwest of Budapest. The latest addition expands Photon Energy’s installed base in Hungary to 31.5 MW and its global proprietary portfolio of PV power plants to 57.1 MW. Eignt new plants are expected to generate about 7.35 GWh of electricity per year. In May, its Hungarian solar portfolio reached 35 MW with the commissioning of another five solar power plants with combined installed capacity of 3.5 MW.
