Dutch investor’s loss on Australian solar assets
Photon Energy, a Dutch-based renewable energy investor, has disclosed a financial loss from the sale of its Australian solar portfolio, which includes a solar-battery hybrid project under development.
The sale involved transferring a portfolio comprising 15 MW of operational solar farms in Leeton and Fivebough, along with an 8.2 MW, 10.9 MWh solar battery hybrid facility in Boggabri, to CleanPeak Energy. Despite generating €6 million ($A9.9 million) from the sale, Photon Energy incurred a loss of €1.55 million ($A2.55 million), contributing to an overall pre-tax and interest payment loss of €4.61 million for the latest quarter and €3.14 million for the half.
Reasons for Sale and Financial Impact
The decision to divest the Australian assets stemmed from their lower profitability compared to the company’s predominantly European-based portfolio in countries such as Romania, the Czech Republic, Slovakia, and Hungary. The Australian solar farms, although operating under favourable conditions, yielded lower returns, with average earnings of €38-39 per megawatt hour ($A62-64/MWh) in contrast to the significantly higher rates in the Czech Republic.
Other Developments and Challenges
Despite the challenges faced in Europe, including price caps and regulatory changes in Hungary and the Czech Republic, Photon Energy reported a €1.1 million gain from the sale of project rights for the Maryvale solar farm in NSW. Additionally, the company holds a stake in RayGen, the Australian firm behind the 50 MWh solar tower and storage facility near Mildura. Plans for a potential 2,000 MWh project in South Australia are under discussion.
Furthermore, Photon Energy is exploring a 1.8 GWh thermal hydro storage project in South Africa, focusing on long-duration energy storage solutions. The project aims to integrate concentrated solar electricity and heat generation with water-based thermal storage to provide dispatchable synchronous energy over extended periods.
Future Projects and Collaborations
While details on the Yadnarie project were not included in the financial statement, Photon Energy is actively engaged in the development of the thermal hydro storage project in Winterton, KwaZulu-Natal, South Africa. The company is working with Eskom to address grid integration challenges and anticipates commencing construction in the first half of 2026, pending regulatory approvals.
Photon Energy’s collaboration with RayGen, alongside stakeholders such as AGL Energy, Chevron, Equinor, and SLB, underscores its commitment to innovative energy solutions and sustainable practices in the renewable energy sector.
Renew Economy’s attempts to seek further information from Photon Energy regarding its Australian projects were unsuccessful at the time of publication.
