Photon Energy breaks ground on new power plant in Romania
Photon Energy announces that it has broken ground on the construction of its sixth Romanian PV power plant, which will have a generation capacity of 4.8 MWp. High-efficiency bifacial solar modules mounted on single-axis trackers will deliver around 7.1 GWh of renewable energy annually to the grid of Distributie Energie Electrica Romania, which will be sold on the energy market on a merchant basis, without any support or a power purchase agreement with an energy offtaker. The new power plant is scheduled to commence operations in the fourth quarter of 2022.
‘We are very excited to continue breaking ground in Romania, one of our key CEE markets, executing our growth strategy as announced in our 2022 Financial Guidance,’ said Georg Hotar, CEO of Photon Energy Group. ‘The power plant in Teius marks another important step in our efforts to commission a total capacity of around 32 MWp in Romania by the end of 2022. These new assets alone will expand our IPP (independent power producer) portfolio to over 120 MWp by the end of the year.’
Located near Teius in Romania’s Alba County, the power plant will extend over 10 hectares of greenfield land and will be equipped with some 8,700 solar panels.
Upon the commissioning of this plant, the Company will own and operate 94 solar power plants with a combined generation capacity of 113 MWp in its IPP portfolio. A combined 97 MWp will be selling subsidy-free clean electricity directly on the energy market.
The power plant will be owned and operated by a special-purpose company fully owned by Photon Energy Group.
Currently, the Company is developing PV projects in Romania with a total capacity of 235.4 MWp, with 21.2 MWp under construction and 12.0 MWp at a ready-to-build stage of development.