Photon Energy N.V. Closes 2020 with Improved EBITDA and Accelerating Project Development

DGAP-Media / 12.02.2021 / 11:12 Photon Energy N.V. Closes 2020 with Improved EBITDA and Accelerating Project Development - EBITDA improved by 3.2% despite a 6.3% decrease in revenues

- PV power plants with a combined capacity of 23 MWp built and added to the Company's proprietary portfolio in Hungary; two utility-scale power plants with a combined capacity of 14.6 MWp brought to the commissioning stage in Australia

- Project pipeline exceeding 200 MWp in Hungary, Romania and Poland

Amsterdam - 12 February 2021 - Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) ('Photon Energy Group' or the 'Company') today reported unaudited financial results for the fourth quarter of 2020 and for the fiscal year ending on 31 December 2020.

2020 Highlights

In 2020, the pandemic had little impact on the Company's EPC and O&M business segments. PV power plants with a combined capacity of 23.0 MWp were built for the Company's proprietary portfolio and successfully refinanced long-term, while a capacity of 34.0 MWp increased the O&M contract base. In the town of Leeton, Australia, two utility-scale power plants with a combined capacity of 14.6 MWp were brought to the commissioning stage, and the construction of a hybrid solar and battery storage system was completed on Lord Howe Island. Significant progress was also made in project development efforts in Hungary, Romania and Poland, where the Company increased its development pipeline for PV projects to a combined capacity of over 200 MWp.

2020 was also a crucial year for the Company in terms of its presence on capital markets as the Company's share listings were successfully transferred from alternative markets to the main (regulated) markets of the Warsaw and Prague Stock Exchanges as well as to the Quotation Board of the Frankfurt Stock Exchange. The Company anticipates that the listings will help stimulate trading liquidity and diversify its investor base by providing investment opportunities to institutional and retail investors across Europe.