PHOENIX (PHO): Photon Energy announces the signing of an EPC contract for a 772 KWp PV power plant - raport 34
The Management Board of Photon Energy announces on 16 December 2009 that on 15 December 2009 its fully-owned subsidiaries Photon Engineering s.r.o. and Photon Management s.r.o. signed the following agreements with Photon Energie s.r.o. in relation to the construction of the Záhořany (Northern Bohemia) photovoltaic plant with an installed capacity of 772 KWp with the following key terms:
? Photon Engineering s.r.o. signed a turnkey EPC contract for the construction of the 772 KWp PV plant in Záhořany for a fixed price of CZK 58.442 million (EUR 2.22 million or PLN 9.31 million)
? Photon Energy's fully owned operations and maintenance subsidiary Photon Management s.r.o. signed a full-service O&M contract with Photon Energie s.r.o. at market conditions
The Záhořany project has been developed by Photon Energy's chairman of the board of directors Michal Gärtner since early 2007, that is before the formation of Photon Energy a.s. The project had been disclosed to the market in Photon Energy's information memorandum. Due to a series of delays the project received its final construction permit only in October 2009. The project and construction work have been initiated by Photon Energie s.r.o in late October 2009 and the power plant's completion and connection to the electricity grid are planned before the end of 2009.
On 15 December 2009 Michal Gärtner sold his 100% stake in Photon Energie s.r.o. to Raiffeisen - Leasing Real Estate, s.r.o. (in the following ?RLRE"). RLRE will provide Photon Energie s.r.o. with a senior loan to finance the construction of the power plant in Záhořany. Similar to Photon Energy's arrangement with RLRE for the financing of the Mostkovice PV plant (EBI report 33/2009) Michal Gärtner has entered into a put/call arrangement with RLRE. At the time of signing of the agreements between Photon Engineering s.r.o. and Photon Management s.r.o. and Photon Energie s.r.o., the company was fully-owned by RLRE and therefore not a related party.
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 Gartner - Chairman of the Board of Directors
* Georg Hotar - Vice-chairman of the Board of Directors
