The Management Board of Photon Energy announces on 2 December 2009 that on 1 December 2009 the company signed a framework agreement between Photon Energy a.s, its fully owned subsidiary Photon SPV 3 s.r.o. and Raiffeisen - Leasing Real Estate, s.r.o. (in the following “RLRE") in relation to the construction of the Mostkovice photovoltaic plant with an installed capacity of 795 KWp with the following key terms:

·Photon Energy sells its 100% equity stake in Photon SPV 3 s.r.o. to RLRE for the nominal consideration of CZK 200,000 (EUR 7,700 or PLN 31,670).
·Photon Energy provides Photon SPV 3 s.r.o. with a subordinated loan of CZK 20.5 million (EUR 790,000 or PLN 3.246 million) at 3M PRIBOR + 5.6% (if the plant gets connected in 2009 the loan is reduced to CZK 17.8 million (EUR 686,000 or PLN 2.82 million), if connected in 2010 the loan is increased to CZK 23.5 million (EUR 905,000 or PLN 3.72 million). The subordinated loan is pledged to RLRE
·RLRE provides a senior loan of CZK 61.2 million (EUR 2.36 million or PLN 9.69 million) if the plant is connected in 2009 or CZK 55.5 million (EUR 2.14 million or PLN 8.79 million) if connected in 2010 bearing interest of 3M PRIBOR + 4.60%
·Photon Energy\'s fully owned engineering subsidiary Photon Engineering s.r.o. signed a turnkey EPC contract for the construction of the 795 KWp PV plant in Mostkovice for a fixed price of CZK 77.115 million (EUR 2.97 million or PLN 12.21 million)
·Photon Energy\'s fully owned operations and maintenance (O & M) subsidiary Photon Management s.r.o. signed a full-service O & M contract with Photon SPV 3 s.r.o. at market conditions
·Photon Energy has acquired a call option to repurchase a 100% equity stake in Photon SPV 3 s.r.o. from RLRE starting after three years for a consideration of no less than and potentially marginally above CZK 200,000 subject to the full repayment of the then outstanding senior loan balance
·RLRE has retained a put option to sell its 100% equity stake in Photon SPV 3 s.r.o. to Photon Energy after five years for a consideration of no less than and potentially marginally above CZK 200,000 subject and to demand the full repayment of the then outstanding senior loan balance

All contracts relating to this transaction beyond the framework agreement have also been signed on 1 December 2009.

The construction of the PV plant in Mostkovice has been initiated by Photon SPV 3 s.r.o. in early November and to date it has been financed by a shareholder loan by Photon Energy, which has now been subordinated in the transaction with RLRE. Based on the progress in the construction process and current knowledge Photon Energy is confident that the PV plant in Mostkovice can be completed and connected to the grid during December 2009. However, due to the short time frame until year-end 2009 Photon Energy\'s management explicitly wishes point out that the grid-connection of PV plants still in 2009 cannot be guaranteed.

Photon Energy and its board members are unrelated to RLRE.

Legal basis: § 3 ust.2. of the Appendix 1 to Resolution No. 363/2009 of the Warsaw Stock Exchange Management Board dated 27 July 2009 "Current and Periodical Information in the Alternative Trading System".
Data Imię i Nazwisko Stanowisko Podpis
2009-12-02 13:46:38Michal GartnerChairman of the Board of Directors
2009-12-02 13:46:38Georg HotarVice-chairman of the Board of Directors