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 development, to CleanPeak Energy in New South Wales, Australia.
Photon Energy Sells Solar Projects to CleanPeak Energy
The deal covers two operational solar plants with a combined installed capacity of 14.5 MWp, as well as a hybrid solar and battery project under development with a planned capacity of 8.2 MWp / 10.9 MWh. All of these assets are located in New South Wales.
“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.
Electricity from these solar plants is sold primarily on the National Electricity Market (NEM), while a smaller portion is covered by a Power Purchase Agreement (PPA). Completion of the transaction is subject to a few conditions precedent, which are expected to be met in October 2024.
The sale is expected to generate over EUR 6 million in net cash for the Group. Pottinger served as the sole financial advisor for the transaction, while Clifford Chance acted as legal advisor for Photon Energy Group.
Photon Energy Focuses on Energy Storage for Renewable Reliability
With its move toward flexible energy solutions, Photon Energy is tackling one of renewable energy’s key challenges: intermittency. The company’s focus on developing energy storage projects is designed to ensure that renewable power can be stored and released during peak demand periods, enhancing grid reliability.
Photon Energy Focuses on Energy Storage (Image: Collected)
This strategic shift toward energy storage, combined with initiatives from 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. As the need for grid stability and demand for renewable energy grows, the company is poised to play a vital role in integrating these resources into the grid and serving its customers.
Commitment to Renewable Solutions
Photon Energy Group provides solar energy and clean water solutions globally. Since its inception in 2008, its solar power division has built and commissioned solar power plants with a total capacity exceeding 160 MWp. 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.
The company also provides 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 position itself as the leading provider of distributed energy solutions in the country. CleanPeak Energy’s core focus is on developing solar and battery assets tailored to meet the energy needs of corporate customers on their path to achieving net-zero emissions.
