Photon Energy has announced the sale of two operational solar plants with a combined capacity of 14.5 MWp along with a hybrid solar and battery project in the development stage to CleanPeak Energy in New South Wales, Australia.
Photon Energy Sells Solar Projects to CleanPeak Energy
Photon Energy sells two operational solar plants totaling 14.5 MWp of installed capacity along with a hybrid development-stage solar and battery project with a capacity of 8.2 MWp / 10.9 MWh to CleanPeak Energy. The transaction involves solar projects located in New South Wales, Australia.
“The sale of these assets to CleanPeak Energy is part of our refocusing on the development and deployment of energy storage technologies. By investing in energy storage, we aim to address one of the most critical challenges in the renewable energy sector – ensuring that clean energy is available whenever it is needed,” said Georg Hotar, CEO of Photon Energy Group.
The electricity generated by these solar plants is primarily sold into the National Electricity Market (NEM), with a smaller portion sold through a Power Purchase Agreement (PPA). Completion of the transaction depends on a limited number of conditions precedent which are anticipated to be met in October 2024.
This sale is expected to contribute over EUR 6 million in net cash to the Group’s financial statements. Pottinger served as the sole financial advisor while Clifford Chance acted as the legal advisor for Photon Energy Group during this transaction.
Photon Energy Focuses on Energy Storage for Renewable Reliability
As Photon Energy moves towards flexible energy solutions, the company seeks to tackle one of the key challenges of renewable energy—intermittency. By emphasizing the development of energy storage projects, Photon Energy aims to ensure that renewable energy can be stored and released during peak demand periods, enhancing the reliability of renewable power.
This shift towards energy storage along with the initiatives of its New Energy division and investments in RayGen is part of Photon Energy Group's broader strategy to position itself at the forefront of energy innovation. Given the growing importance of grid stability and the rising demand for renewable energy, the Company intends to play a vital role in integrating renewable resources into the grid and serving its customers.
Partnerships’ Commitment to Renewable Solutions
Photon Energy Group provides solar energy and clean water solutions globally. Its solar power services offered by Photon Energy have built and commissioned solar power plants with a total capacity exceeding 160 MWp since its inception in 2008. The company currently holds a proprietary portfolio of power plants with a combined capacity of 131.1 MWp and is developing projects totaling 1 GWp across Australia, Hungary, Poland and Romania.
Additionally, it offers operations and maintenance services for 880 MWp worldwide. Through its wholly owned subsidiary Lerta, the Group holds electricity trading licenses in Poland, the Czech Republic, Slovakia, Hungary, Romania and Serbia.
CleanPeak Energy, an Australian-owned specialist in renewable energy is focused on building, owning and operating a diverse portfolio of solar, battery and thermal energy infrastructure. The company aims to provide smart, reliable and cost-effective energy solutions to its customers. With a commitment to sustainability, CleanPeak Energy has become a trusted partner for major Australian corporations and governments looking to reduce carbon emissions and transition to net-zero.
Since its establishment in 2017, CleanPeak Energy has emerged as a significant player in the development and operation of distributed energy and utility infrastructure. The company’s mission is to accelerate the decarbonization of energy generation in Australia and to position itself as the leading provider of distributed energy solutions in the country. CleanPeak Energy’s core focus lies in developing solar and battery assets tailored to meet the energy needs of corporate customers on their journey to achieving net-zero emissions.