PHOENIX (PHO): Photon Energy announces the signing of contracts relating to the 2.03 MWp Zvíkov PV plant - raport 41

The Management Board of Photon Energy announces on 23 July 2010 that on 22 July 2010 the company signed a framework agreement between Photon Energy a.s, its fully owned subsidiary Photon SPV 8 s.r.o. and Raiffeisen - Leasing Real Estate, s.r.o. (in the following “RLRE") in relation to the construction of the Zvíkov photovoltaic plant with an installed capacity of 2.03 MWp with the following key terms:

• Photon Energy sells its 100% equity stake in Photon SPV 8 s.r.o. to RLRE for the nominal consideration of CZK 200,000 (EUR 7,944 or PLN 32,347).

• Photon Energy provides Photon SPV 8 s.r.o. with a subordinated loan of CZK 34.5 million (EUR 1.37 million or PLN 5.58 million) at 3M PRIBOR + 5.8% The subordinated loan is pledged to RLRE

• RLRE provides a senior loan of CZK 137.8 million (EUR 5.47 million or PLN 22.29 million) bearing interest of 3M PRIBOR + 4.80% to Photon SPV 8 s.r.o.

• Photon Energy's fully owned engineering subsidiary Photon Engineering s.r.o. signed a turnkey EPC contract for the construction of the 2.03 MWp PV plant in Zvíkov for a fixed price of CZK 152.9 million (EUR 6.07 million or PLN 24.73 million) with Photon SPV 8 s.r.o.

• Photon Energy's fully owned operations and maintenance (O & M) subsidiary Photon Management s.r.o. signed a full-service O & M contract with Photon SPV 8 s.r.o. at market conditions

• Photon Energy has a call option to repurchase the 100% equity stake in Photon SPV 8 s.r.o. from RLRE starting after 6 months for the consideration of CZK 200,000 (EUR 7,944 or PLN 32,347) subject to the full repayment of the then outstanding senior loan balance and the payment of a break fee

• RLRE has a put option to sell its 100% equity stake in Photon SPV 8 s.r.o. to Photon Energy after five years for the consideration of CZK 200,000 (EUR 7,944 or PLN 32,347) triggering the full repayment of the then outstanding senior loan balance

The construction of the PV plant in Zvíkov has been initiated by Photon SPV 8 s.r.o. in early July and to date it has been financed by a shareholder loan by Photon Energy, which has now been subordinated in the transaction with RLRE. Based on the progress in the construction process and current knowledge Photon Energy is confident that the PV plant in Zvíkov will be completed and connected to the grid during September 2010.

Photon Energy and its board members are unrelated to RLRE.

Legal basis: § 3 ust.2. of the Appendix 1 to Resolution No. 363/2009 of the Warsaw Stock Exchange Management Board dated 27 July 2009 "Current and Periodical Information in the Alternative Trading System".

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