Photon Energy is an Amsterdam based solar developer. The company has commissioned a 1.3 MW solar power farm in Hungary. This is the first merchant project and it is grid-connected.

The solar power farm is located near the municipality of Tolna and EUR 1 million was invested in the project. Photon used proceeds from its recent EUR-55-million green bond to fund the Tolna project.

The plant is spread in an area of 2.2 hectares. The photon team installed bi-facial PV modules mounted on single-axis trackers. The annual generation is estimated to be around 2.1 GWh leading to revenue of EUR 420,000.

“Given the power plant’s electricity production profile, there is potential for even higher revenues in 2022,” Photon said.

Having no support from subsidies and power purchase agreements (PPAs), the Tolna solar farm will sell its power output on the Hungarian electricity market on a merchant basis. Photon is not dismissing the role of PPAs in the plant’s future revenue management strategy, alongside other hedging options, the company added.

This summer, Photon commissioned two merchant solar farms for a total of 14.6 MWp in Australia.

With the latest addition in Hungary, Photon expands its portfolio of proprietary solar farms in the country to 62 plants with 50.4 MWp of combined capacity. Globally, the group owns and operates 87 solar farms totalling 90.6 MWp, it says.