PHOENIX (PHO): Photon Energy announces the acquisition of the project rights and land for a 1.65 MWp PV plant in Dolní Dvořiště - raport 60

The Management Board of Photon Energy announces that on 11 October 2010 its fully-owned subsidiary Photon SPV 10 s.r.o. signed the acquisition of all project rights and land for the a 1.65 MWp photovoltaic plant in Dolní Dvořiště (South Bohemia) from GOLC OIL a.s. for a total consideration of CZK 23.659 million (EUR 964,296 or PLN 3.819 million). The agreement was signed after all conditions set in the framework agreement signed on 12 May 2010 (see EBI report 26/2010) were met for said project. The development of the second project (1 MWp) in Dolní Dvořiště has not been completed by GOLC OIL a.s. in time for the plant to be completed still in 2010 and therefore Photon Energy a.s. did not close its acquisition.

The plant will be part of Photon Energy's proprietary portfolio and is scheduled to be completed in November 2010 and connected to the grid in December 2010.

Photon Energy and its board members are unrelated to the principals of GOLC OIL a.s.

Legal basis: Article 3, Section 2, Point 2 of Exhibit 3 of the Alternative Trading System Rules, as adopted by Resolution Nr. 147/2007, dated 1 March 2007, and amended by Resolution No. 733/2009, dated 18 December 2009, of the Warsaw Stock Exchange Management Board.

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