Dutch renewable energy company 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 and is expected to deliver around 7.1 GWh of renewable energy annually to the grid.

The new power plant is scheduled to commence operations in the fourth quarter of 2022. Located near Teiuș 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.

"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.

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. The company plans to add a total generation capacity of 32 MWp in the country by year-end 2022, bringing its total proprietary portfolio to over 120 MWp. 

The remaining project development pipeline in Romania is expected to be built and commissioned in 2023 and 2024 and thus the Romanian market will significantly contribute to the company’s goal of expanding its IPP portfolio to at least 600 MWp globally by the end of 2024.

Based on energy price forecasts for the remainder of 2022, the company just recently raised its financial guidance for consolidated revenues in 2022 to increase to EUR 85.0 million from EUR 36.4 mln in 2021. The operating profit (EBITDA) is expected to increase by 150% to EUR 24 mln.

iulian@romania-insider.com

(Photo source: the company)