Australia grid delays affect Dutch developer’s figures

Photon Energy reported raised revenue from sales of electricity in the second quarter of the year, compared with 12 months earlier, but said grid hold-ups at 14.6 MW of solar projects Down Under had affected performance.

August 27, 2021 Max Hall

Photon's Leeton solar farm

Image: Photon Energy Group

From pv magazine Global

Grid connection delays to two utility scale projects in Australia partially offset raised second-quarter revenue reported by Dutch solar developer Photon Energy Group.

The Amsterdam-based company posted an €869,000 (AU$1.4 million) loss for the second quarter, down from a €969,000 (AU$1.57 million) reverse a year earlier, and blamed rising interest costs associated with refinancing its latest solar projects in Hungary, as well as the two plants in Leeton, in the Australian state of New South Wales. The Australian sites have a combined generation capacity of 14.6 MW.

Those grid delays, and recruitment as part of a planned expansion drive, partially offset a 16% year-on-year rise in revenue from the sale of electricity, which pushed up the total revenue figure 11%, by the same comparison, to €9.86 million (AU$16 million) for the April-to-June window.

With Photon reporting it has added around 187 MWp of generation capacity in its core European markets of Hungary, Romania and Poland since December, the company bolstered its finances by issuing 5 million shares in a €7.7 million (AU$12 million) fundraising exercise.

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