PHOENIX (PHO): Photon Energy announces the acquisition of a 1.16 MWp PV project and the signing of an EPC contract for a 596 KWp PV power plant - raport 2

The Management Board of Photon Energy announces the signing of the following agreements on 29 January 2010:

1. Project right transfer agreements including 1.2 MWp grid connection capacity and a 30-year easement contract for the land for a 1.16 MWp project between Photon Energy's fully-owned project company Photon SPV 6 s.r.o. and M Plus s.r.o. for a total consideration of CZK 11.5 million (EUR 438,000, PLN 1.77 million).

2. An EPC contract between Photon Energy's fully-owned subsidiary Photon Engineering s.r.o. and M plus 1, s. r.o. for the turn-key construction of a 596 KWp photovoltaic power plant . The net contract value is CZK 43.3 million (EUR 1.65 million, PLN 6.68 million).

Both projects are in the same location in the municipality of Slavkov u Brna in Southern Moravia. Construction work on both projects is expected to start in March 2010 and grid connection is planned for 2010Q2.

Photon Energy and its board members are unrelated to the principals of M Plus s.r.o. and M plus 1, s. r.o.

Legal basis: § 3 ust.2. of the Appendix 3 to Resolution of the Warsaw Stock Exchange Management Board “Current and Periodical Information in the Alternative Trading System".

Osoby reprezentujące spółkę:
Michal Gartner - Chairman of the Board of Directors
Georg Hotar - Vice-chairman of the Board of Directors