Dutch-based solar developer Photon Energy, present in several markets in central and southeastern Europe, recorded a net profit of some 500,000 euros in the first half of 2022, compared to a loss of around 4 million euros in the same period last year, following a decision to switch some of its solar power plants from feed-in tariff model to market-based model.
The company’s revenues in the first six months of 2022 rose by 124.4 % to 32.4 million euros, while its earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 146.2 % to 10.1 million euros.
The company said that selling electricity to the market is now core part of its business strategy, with 83 % of its total proprietary portfolio now operating on a market basis.
Photon Energy now expects that 2022 revenues will reach 85 million euros, with full-year EBITDA of 24 million euros.
Photon Energy ended the first half of 2022 with a portfolio of 91.9 MW in solar farms spread across the Czech Republic, Slovakia, Hungary and Australia. It is currently developing over 825 MW of utility-scale solar projects in its central and southeastern European markets and Australia.
