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 under development, to CleanPeak Energy in New Sputh Wales, Australia.
Photon Energy Sells Solar Projects to CleanPeak Energy
The transaction includes two operational solar plants with a combined installed capacity of 14.5 MWp and a hybrid solar and battery project in development with a planned capacity of 8.2 MWp / 10.9 MWh. All assets involved in the sale 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.
The electricity generated by these solar plants is primarily sold on the National Electricity Market (NEM), with a smaller portion handled through a Power Purchase Agreement (PPA). Completion of the transaction is subject to standard conditions, which are expected to be fulfilled in October 2024.
This sale is expected to generate over EUR 6 million in net cash for the Group. Pottinger served as the sole financial advisor, while Clifford Chance acted as the legal advisor for Photon Energy Group on this transaction.
Photon Energy Focuses on Energy Storage for Renewable Reliability
With its strategic move towards 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 then released during peak demand periods, enhancing grid reliability.
Photon Energy Focuses on Energy Storage (Image: Collected)
This shift toward energy storage, along 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 importance of grid stability and demand for renewable energy grows, the company is poised to play a vital role in integrating these resources into the grid.
About the Companies
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.
Additionally, the company 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, focuses 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 seeking 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 of distributed energy and utility infrastructure in Australia. The company’s mission is to accelerate the decarbonization of energy generation and establish itself as the country’s leading provider of distributed energy solutions. Its core focus is developing solar and battery assets tailored to meet the energy needs of corporate customers on their journey to achieving net-zero emissions.
