The generated electricity will be sold on the energy market on a commercial basis, without government support and without the existence of any power purchase agreement with an energy supplier.

The company expects the parks to generate revenues of €1.4 million based on current prices in the Romanian in-band energy forward market over the next 12 months.

"We are pleased to commission three more power plants in Romania, one of our key markets in Central and Eastern Europe, supporting the growth of our recurring revenue stream from clean electricity generation," said Georg Hotar, CEO, of Photon Energy Group.

"The Calafat power plants mark another important step in our efforts to put into operation our first batch of eight power plants with a total capacity of 31.5 MWp in Romania, for which we recently closed the financing of the project. At the same time, we are pleased to have increased our IPP portfolio above the 100 MWp threshold".

Located near Calafat, in Romania's Dolj County, the solar parks cover 10.2 hectares of land and are equipped with approximately 10,800 solar panels. The power plants in Calafat are owned and operated by a special company wholly owned by Photon Energy Group.

The company's IPP portfolio now includes 92 solar plants with a combined generating capacity of 103.6 MWp. Currently, with a total capacity of over 87 MWp, the company sells clean electricity directly to the energy market.

The company is currently developing utility-scale solar projects with a combined capacity of over 930 MWp in Australia and its key markets in Central and Eastern Europe, including over 235 MWp in Romania, of which a total of 19.5 MWp is coming to be put into operation in the near future. The other Romanian projects in the company's project development series are expected to be built and commissioned in 2023 and 2024.