Dutch solar company plans to invest A$48 million in new Australian energy plants

01 Feb 2017

Renewable energy company Photon Energy NV has announced plans to construct two new solar power plants in New South Wales.

The 20-megawatt hours peak (MWp) photovoltaic (PV) plant in Leeton in NSW’s Riverina Region and 14MWp plant in Environa near the NSW/ACT border will have a combined capacity of 34MWp and investment value of A$48.3 million.

A media release from the company says it intends to finance the construction of the plants from the proceeds of a public offering of A$55.4 million (€38.8 million) worth of bonds on the Prague Stock Exchange in the Czech Republic.

Australia is ranked in the top 20 globally for solar, wind and bioenergy production, further encouraged by the Australian Government’s Renewable Energy Target of 33 million megawatt hours (MWh) by 2020, and Australia’s commitment to the COP21 agreement.

Photon Energy expects the total annual electricity production of the Leeton and Environa plants to exceed 55,000MWh, which will power around 9,500 households and save almost 50,000 tonnes of CO2 emissions annually.

‘The in-house developed projects in Leeton and Environa will – once operational – firmly establish Photon Energy as a leading player in the fast-developing Australian market and their progress provides us with a lot of confidence about our entire project pipeline “Down Under”,’ says Michael Gartner, Managing Director of Photon Energy Australia.

‘We are looking forward to leveraging our utility-scale know-how from Europe and our local Australian track record into high quality PV assets to be added to our proprietary portfolio.’

Georg Hotar, Photon Energy’s CEO, adds that Australia’s increasingly competitive renewable energy market is attracting attention from global investors.

‘Australia was the eighth largest PV market worldwide in 2015, and as costs continue to decline we are observing a growing number of players moving into the market, where we have a five-year head start,’ he says.

Founded in the Czech Republic in 2008, Photon Energy is headquartered in The Netherlands and listed on the NewConnect Stock Exchange in Warsaw, Poland – an exchange specifically for trading in the technology and renewable energy sectors. Its subsidiary, Photon Energy Australia, was launched in 2014.