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Photon Energy has signed a contract to take on the operations and maintenance of five large-scale solar power plants in the Czech Republic.

The company will assume the full operations, monitoring and maintenance of five power plants owned by investment vehicle WIS Energo with a total capacity of 13.5MWp.

Photon said the deal takes its O&M portfolio to 140MWp, which the company said was double the size of its portfolio a year ago as its diversification into operations and management has continued.

“Retroactive cuts to feed-in tariffs or taxes, such as the ones imposed on Czech solar investors, shift the focus of investors more and more towards getting the most out of their assets,” Georg Hotar, chief executive at Photon Energy, said.

Last month the Netherlands-headquartered firm outlined its ambition to diversify into new business areas following a 15% year-on-year slide in revenues in 2014.