Photon Energy announces a ninefold increase and 100% success rate in building and connecting PV plants in 2010 and announces IPO plans for 2011

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Photon Energy announces the successful conclusion of the year 2010 as the company managed to secure the 2010 feed-in-tariffs for all photovoltaic plants built for its clients and its proprietary portfolio totalling 27.5 MWp in the Czech Republic and 5 MWp in Slovakia. The total capacity installed of 32.5 MWp is split into the following categories:

• client plants with an installed capacity of 12.5 MWp in the Czech Republic;
• a client plant with an installed capacity of 300 KWp in Slovakia;
• a proprietary portfolio of 15.0 MWp in the Czech Republic;
• a proprietary portfolio of 4.7 MWp in Slovakia (pro-rata 3.067 MWp).

Compared to the 3.64 MWp of installed capacity connected by Photon Energy in 2009, the company grew its realized project volume almost ninefold in 2010. Photon Energy’s performance is the result of the dedicated hard work of the company’s team of 60 talented staff, which is even more impressive when viewed in the light of the unprecedented attack on the photovoltaic industry in the Czech Republic in the form of the retroactive introduction of a 26% tax on the revenues of PV plants during autumn 2010.

In the light of the fundamental changes to the photovoltaic industry in the Czech Republic and the end of feed-in-tariffs for ground-mounted photovoltaic plants in Slovakia per 1 July 2011 Photon Energy will focus its activities on Germany and Italy as its core markets. While Slovakia will remain a focus in the first half of 2011, gaining a foothold in the two largest European markets will be a top priority for 2011.

Photon Energy also has active capital market plans for 2011 as it is preparing for an IPO on the main market of the Warsaw Stock Exchange. Building on Photon Energy’s listing on the New Connect segment of the Warsaw Stock Exchange since October 2008, where it was by far the largest company by revenues and net profit among some 180 listed companies in 2010Q3, the company is in the process of completing a corporate restructuring to be in a better position to execute the planned IPO.

On 30 December 2010 the two controlling shareholders Michal Gärtner and Georg Hotar transferred their combined 71.75% shareholding in Photon Energy a.s. to the newly established Photon Energy N.V. with its registered seat in Amsterdam, Netherlands. Based on the full-year results of the group, which are a subject to the approval by the Dutch regulator, Photon Energy N.V. plans to make an exchange offer to minority shareholders, to seek a listing on the main market of the Warsaw Stock Exchange and to execute a capital increase in one transaction.

Georg Hotar, the Chief Financial Officer of Photon Energy, added “we are very grateful to our wonderful team and our external partners including our equipment suppliers and our financing institutions Raiffeisen and UniCredit, who have been instrumental in building over 32 MWp including a 18 MWp proprietary portfolio. The only positive aspect of the problems created by the unacceptable retroactive taxation of PV plants in the Czech Republic is that it has challenged our organisation to the full and we have succeeded. For entering new markets this has maybe been the best possible preparation. Photon Energy remains committed to playing an active role during the just-started Solar Decade, when photovoltaic becomes a globally commercially competitive source of energy, which is already the case in many parts of the world. This trend will allow us to be a driver of positive change in the efficient use of the most abundant energy source available to mankind and a great investment for our shareholders at the same time”.

ABOUT PHOTON ENERGY

Photon Energy is an integrated photovoltaic company covering the entire value chain and life cycle of photovoltaic projects. The company develops and builds greenfield and rooftop photovoltaic solar power plants and offers a full range of technology and specialised services for PV projects while also building its proprietary portfolio of PV power plants. The company plans to build 100 MWp of PV plants in Europe and beyond until year-end 2012. For more information please visit www.photonenergy.as.

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