Amsterdam/Budapest – 30 Januray 2024 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (‘Photon Energy Group’ or the ‘Company’) announces that its Hungarian subsidiary Photon New Energy Alfa Kft. has signed a 20-year on-site power purchase agreement with FORVIA Clarion Hungary, a subsidiary of the global automotive industry leader FORVIA, for the construction and operation of an on-site solar PV power plant with an approximate capacity of 630 kWp.
‘We are very pleased to sign this PPA with a global leader in the automotive industry. The agreement represents another milestone for Photon Energy, further strengthening our position in the Hungarian market and expanding our offering to the industrial sector. Were confident that our turnkey on-site PPA solution will support FORVIA in its ambitious commitment to lowering its carbon footprint while materially reducing energy costs in the long term. This project is the starting shot for our ambition to become a leading provider of on-Site PPA solutions to commercial and industrial energy users across the CEE region. Our dynamically developing pipeline of projects reflects the growing need by the corporate sector for turn-key off-balance sheet solutions to their renewable energy needs and we are ready to provide these based on our 15-year experience in the solar industry and our energy market capabilities’ said Georg Hotar, CEO of Photon Energy Group.
FORVIA’s global on-site solar PV roll-out uses both PPA and PV-as-a-service models, with Engie-Impact acting as a global partner. Engaged as the local developer, Photon Energy has designed an optimal solution for FORVIA Clarion Hungary, which will be the corporate offtaker for 100% of the energy produced by the power plant upon its completion.
Under the PPA, Photon Energy will develop, build and operate the power plant. The installation will be built on the grounds of the FORVIA Clarion Hungary Kft. production facility in Nagykáta, some 80 km south-east of Budapest.
Photon Energy will be able to maximise the installed capacity within the limited area by using an East/West mounting structure to potentially cover approx. 20% of the site’s annual electricity consumption with 1,236 monofacial modules to be installed, generating approximately 13.5 GWh over the duration of the PPA, which will contribute to an estimated CO2 emissions reduction of 3,670 metric tons.
As part of its proprietary portfolio of solar PV power plants, Photon Energy currently owns and operates a total generation capacity of 51.8 MWp in Hungary, and provides O&M (operation and maintenance) services to a combined capacity of over 180 MWp of Hungarian PV assets.