Amsterdam-based renewables developer Photon Energy NV (WSE:PEN) reported consolidated revenues of EUR 17.38 million (USD 18.89 million) for the first quarter of 2024, marking a 9.9% decrease compared to the same period last year.
The revenue drop was attributed to lower electricity prices, which outweighed the increase in power generation and reduced trading volumes of photovoltaic (PV) components.
During the quarter, Photon Energy expanded its independent power producer (IPP) portfolio by 3.8 MWp and added another 1.7 MWp subsequently, bringing the total capacity to 132.8 MWp.
The company saw its consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) rise to EUR 783,000 from EUR 330,000 in the previous year, driven by better profitability in capacity market contracts. Net loss narrowed to EUR 1.32 million from EUR 4.17 million.
Photon Energy issued a full-year forecast, expecting revenues between EUR 90 million and EUR 100 million, representing an increase of at least 27% year-over-year. The company also projects EBITDA in the range of EUR 16 million to EUR 18 million, up from EUR 3.7 million in 2023.
“The first quarter of 2024 was marked by our continued efforts to make our business model more resilient to further economic and geopolitical fluctuations. First of all, we have managed to complete the rebalancing of our IPP portfolio which, as of 1 April 2024, represents a nearly 50/50 split between the support scheme mechanism, or FIT, and a merchant model, selling on day-ahead spot prices,” said CEO Georg Hotar.
Photon Energy recently secured a EUR 15 million project refinancing agreement with the European Bank for Reconstruction and Development (EBRD), which Hotar stated will significantly boost the company's expansion plans in Romania and enhance its capacity market offerings.
Additionally, Photon Energy announced a conditional agreement to sell a 20.4-MW solar project in Poland to Uniper Renewables GmbH.
