Photon Energy posts record revenue, eyes merchant solar opportunities

Facebook
Twitter
LinkedIn
Reddit
Email
An operational PV plant from Photon in Hungary. Image: Photon Energy Group.

Solar project developer and asset owner Photon Energy Group saw its revenue reach a new high last year thanks to the sale of electricity from its growing portfolio of PV plants.

Netherlands-headquartered Photon posted 2021 revenue of €36.4 million (US$41.1 million), a 29% increase year-on-year, with its portfolio now consisting of 90.5MWp of solar plants across four markets: the Czech Republic, Slovakia, Hungary and Australia. EBITDA grew 14% to €9.6 million.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In December, the company connected a 1.4MWp solar project in Hungary, the firm’s first European power plant to sell electricity on a merchant basis.

Given the growth in electricity prices across Europe, Photon said selling electricity into the market “is a core part of our strategy, and we believe that this is the right way of building and operating power plants going forward”.

In Q4, Photon secured a 1,200-hectare site in South Australia that it will use to build a 300MW solar plant featuring 3.6GWh of energy storage based on technology from RayGen, a Melbourne-based start-up that Photon acquired a minority interest in back in 2020.

In terms of project development in Europe, Photon last year more than doubled its pipeline in Hungary, Poland and Romania to 490MWp.

The company said while its focus for growth will be on expanding PV capacity in Australia, Hungary, Poland and Romania, it is also investigating further markets in Central Europe, Central and South America, the Middle East and Africa.

Alongside solar development and generation, the group has another major business line, Photon Water, which provides clean water solutions.

Georg Hotar, CEO of Photon Energy Group, said the firm is looking to grow its behind-the-meter solar business, providing commercial customers solutions offered by Photon Water, adding: “This fits perfectly with our strategy to combine renewable energy and clean water in solutions for users of both.”

Read Next

June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 26, 2025
PV solar cell manufacturer Halocell Energy has launched its first perovskite-based product called the Halocell Ambient Modules.
June 25, 2025
JinkoSolar has submitted a 133.76MWc solar-plus-storage project in New South Wales to the federal government under the EPBC Act.
June 25, 2025
Australia’s National Electricity Market (NEM) achieved a new record high for solar PV and wind generation at 12,463MW.
June 25, 2025
The New South Wales government has earmarked AU$2.1 billion (US$1.36 billion) for transmission infrastructure to connect its Renewable Energy Zones (REZ) and support utility-scale renewable and energy storage projects.
June 24, 2025
Western Australia’s Lithium Universe has secured the commercial rights for a solar PV module recycling technology known as Microwave Joule Heating Technology (MJHT).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico