Photon enjoys fruits of merchant solar, Q3 power revenues up 129.6% y/y

Amsterdam-based solar power producer Photon Energy NV (WSE:PEN) said on Monday it had booked revenues of EUR 15.07 million (USD 14.6m) from electricity sales in the third quarter, up by 129.6% year-on-year.

The boost in takings came after the company made a decision earlier this year to switch 83% of its proprietary solar portfolio to a merchant model to benefit from rising electricity prices on the market. Photon further said that its 91.9 MWp of proprietary solar farms generated 37.0 GWh of power in the third quarter, which represented an increase of 6.6% year-on-year.

During the first nine months of the year, Photon racked up revenues of EUR 30.8 million from electricity sales, or 58.7% more that it did for the whole of 2021, it said.

Fruits of the switch to merchant solar were already visible in the first quarter, and by the end of June, Photon was able to revise upwards its guidance for the full year. On Monday, the solar energy company reiterated its forecast for full-year consolidated revenues of EUR 85 million and EBITDA of EUR 24 million, adjusted from EUR 65 million and EUR 18 million, respectively.

(EUR 1.0 = USD 0.971)

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