PEN Photon Energy Group Sells Two Solar Power Plants and Hybrid PV Project to CleanPeak Energy

The management board of Photon Energy N.V. informs that it has signed an agreement to sell two operating solar PV power plants with a total installed capacity of 14.5 MWp and a hybrid development-stage solar / battery project with a capacity of 8.2 MWp / 10.9 MWh to CleanPeak Energy.
The sale of these assets to CleanPeak Energy is part of our refocusing on the development and deployment of energy storage technologies. The Leeton and Fivebough solar farms, connected through 5MW grid connections to the Essential Energy distribution network, were commissioned in 2021 and built using single-axis tracking and bi-facial solar modules to maximise energy yield throughout the day. Most of the electricity generated by these power plants is sold into the National Electricity Market (NEM), with a small proportion sold through a Power Purchase Agreement (PPA). The transaction also included the divestment of an 8.2 MWp / 10.9 MWh hybrid solar / battery project located in Boggarbi, New South Wales, Australia. Completion of this transaction is contingent upon a limited number of conditions precedent which are expected to be satisifed in October 2024. The sale of these assets will result in a net cash contribution of over EUR 6 million to the Group’s financial statements.