High-efficiency bifacial solar modules mounted on single-axis trackers will feed approximately 9.6 GWh of renewable energy annually into the grid managed by Distribuție Energie Oltenia. The electricity generated by the plant will be sold on the energy market on a commercial basis, i.e., without any government support or power purchase agreement with an energy buyer.
The company expects the plant to generate revenues of €1.4 million over the next 12 months based on current forward prices for baseload power in Romania.
First wave of more PV power plants in Romania
"We are very pleased to commission three more power plants in Romania, one of our key CEE markets, and to drive the growth of our recurring revenue stream from clean power generation," said Georg Hotar, CEO of Photon Energy Group.
"The Calafat power plants mark another important step in our efforts to commission the first wave of a total of eight power plants with a total installed capacity of 31.5 MW in Romania, for which we recently arranged project financing. At the same time, we are pleased to have expanded our power plant portfolio beyond the 100 MW mark."
The power plants, located near Calafat in Dolj County, Romania, cover 10.2 hectares of land and are equipped with approximately 10,800 solar modules. The Calafat power plants are owned and operated by a special purpose entity wholly owned by Photon Energy Group.
Clean energy directly sold to the market
The company's IPP portfolio now includes 92 solar power plants with a total installed capacity of 103.6 MW. Currently, with a total capacity of over 87 MW, clean power is sold directly to the energy market.
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Photon Energy is currently developing PV projects with a total capacity of over 930 MW in Australia and its main CEE markets, including over 235 MW in Romania, of which a capacity of 19.5 MW is expected to be commissioned in the coming months.
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The remaining Romanian projects in the project development pipeline are expected to be built and commissioned in 2023 and 2024. As a result, the Romanian market is an important contributor to the company's goal of expanding the global power generation capacity of its IPP portfolio. (hcn)
