Photon Energy Group, a solar project developer and asset owner, recently posted its financial results for the first quarter of 2023. While the company's consolidated EBITDA decreased to €0.33 million, down from €2.02 million in Q1 2022, it recorded an all-time Q1 revenue of €19.28 million, up from €9.14 million year-on-year.
The decrease in EBITDA was attributed to a higher contribution of lower margin revenues, one-off transaction costs related to the acquisition of Poland-based renewable energy company Lerta, and a growing headcount to support business growth. Despite this, the company's revenue streams, including the component-trading business line, revenues from Lerta, and engineering revenues in Australia, brought in €15.13 million for the company.
Furthermore, Photon Energy Group achieved several highlights in Q1, including the commission of the first Romanian utility-scale PV power plant and securing €21.9 million financing for eight Romanian projects. This non-recourse project refinancing agreement marked the company's first project financing of European PV assets that operated on a merchant basis.
Looking ahead, Photon Energy Group anticipates its consolidated revenues to increase to €150 million in 2023, up from €95.1 million in 2022, representing a 57.7% year-on-year increase. Additionally, the company expects an increase in EBITDA to €29 million from €24.3 million in 2022.
Despite the decrease in EBITDA, Photon Energy Group's strong revenue growth and continued achievements demonstrate its commitment to sustainable energy and its potential for future success. As the company expands its operations and continues to pursue innovative solutions in the renewable energy sector, it is well-positioned to make a significant impact on the global energy landscape.
