Photon Energy N.V. Reports Dynamic Growth of Project Pipeline in Q1 2021

DGAP-Media / 11.05.2021 / 17:52 Photon Energy N.V. Reports Dynamic Growth of Project Pipeline in Q1 2021 - Expansion of project pipeline by nearly 160 MWp in Hungary, Poland and Romania

- Positive total comprehensive income of EUR 1.791 million despite a decrease in revenues and EBITDA compared to last year's first quarter

- Publication of Photon Energy Group's first sustainability report

Amsterdam - 11 May 2021 - Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) ('Photon Energy Group' or the 'Company') today reported unaudited financial results for the first quarter of 2021, posting a positive total comprehensive income of EUR 1.791 million, despite a decline in revenues to EUR 4.571 million, down 14.0% YoY.

Q1 2021 Highlights

During the first quarter of 2021, Photon Energy Group's business development showed remarkable strength across segments despite a challenging quarter, marked by a delay in the commissioning process of the Company's two utility-scale power plants with a combined capacity of 14.6 MWp in Australia (from Q1 to Q2 2021).

Focusing on its strategic goal to develop, design and construct new PV power plants for its proprietary portfolio in Australia, Hungary, Poland and Romania, the Company has made significant progress and embarked on a path of dynamic growth. Since the beginning of the year, it has expanded its project pipeline to 531.5 MWp, of which a capacity of nearly 160 MWp was added in the Company's European markets.

The Company completed a long-term financing agreement on a non-recourse project-level basis in Hungary for ten power plants, with a combined capacity of 14.1 MWp, which were recently constructed in the municipality of Püspökladány.

During the reporting period the Company listed its shares on the regulated markets of the Warsaw and Prague Stock Exchanges, as well as on the quotation board of the Frankfurt Stock Exchange. The Company also published its first sustainability report, formally expressing Photon Energy Group's commitment to delivering sustainable outcomes.