Photon Energy Turns Profit Despite Zeman’s Crusade Against Solar

Miloš Zeman

Prague, May 11 (CTK) – Photon Energy, an international solar power solutions group established in the Czech Republic, made a EUR1.89m (Kc48.2m) net profit in the first quarter of this year after a EUR0.31m (Kc7.9m) loss seen a year earlier, spokeswoman Anastasia Hotar told CTK.


Consolidated sales increased by a third year on year to EUR3.71m (Kc94.7m).


In particular a recent agreement with Canadian Solar, one of the leading global solar panel producers, had a positive influence on the business results.


A capital income worth EUR3.07m (Kc78.4m) helped within the transaction with this company. Thanks to it, the group turned its net loss into net profit.


Photon Energy has agreed with Canadian Solar on joint development of five large solar projects in Australia with the planned total installed output at over 1.1 gigawatts.


Photon Energy group’s electricity production at some 3.7 gigawatt hours exceeded quarterly expectations by 4.1 percent. However, the production was some one fifth lower than in the first quarter of 2017.


This decrease was compensated with strong results from other trading activities, in particular developer activity in Australia and growing volumes of trading in technologies, Hotar added.


Photon Energy was set up in Prague in 2008 and is currently based in the Netherlands’ Amsterdam. The company has branches in the Czech Republic, Slovakia, Hungary, Switzerland and Australia.


Photon Energy has built photovoltaic power stations in Europe and Australia with output of more than 50 megawatts (MW).


Its Photon Energy Operations division provides operating, servicing and monitoring of solar parks with output of more than 210 MW, almost 100 MW out of which is in the Czech Republic.


In 2016, Photon Energy entered the Prague Stock Exchange (BCPP), with its shares being traded on alternative Free Market, not BCPP’s main market.