| Photon Energy NV has sold its 65% stake in Maryvale Solar Farm Pty. Ltd., the project company which is holding all project rights and has obtained Development Approval for the 125 MW AC PV power plant project, which enables to install up to 160 MWp DC capacity, in Maryvale (New South Wales, Australia – referred to as the Maryvale project), to an undisclosed international renewable energy investor. By the transaction Photon Energy will realise immediately a capital gain in the amount of EUR 0.5 million which will be reflected in the Group’s Q4 2021 financial statements. In addition the agreement foresees further two milestone related payments for Photon Energy upon successful completion and connection of the project by the new investor. Maryvale Solar Farm is located in the NSW Central-West Orana Renewable Energy Zone, which is earmarked to unlock up to 3 GW of network capacity by the mid2020s. With exiting this development project Photon Energy will fully focus its future development efforts in Australia on combined generation and storage projects based on RayGen Technology for large scale projects. | |
