PHOENIX [PHO]

Photon Energy announces the grid connection of the 700 KWp PV plant for its proprietary portfolio in Blatná/Slovakia
The Management Board of Photon Energy announces that the 700 KWp photovoltaic plant in Blatná, which was built by its fully-owned subsidiary Photon Engineering Slovensko s.r.o. in the capacity of general contractor for its client ATS Energy s. r. o., was accepted for connection to the electricity grid of ZSE Distribucia a.s. on 23 December 2010 and thus has secured the feed-in-tariff for the year 2010.

Blatná is the first Slovak photovoltaic plant built and connected to the grid securing the 2010 feed-in-tariff of the total of 4.7 MWp Photon Energy commenced in 2010. The first Slovak part of Photon Energy's proprietary portfolio increases the total size to an installed capacity of 15.34 MWp based on the company's 70% share in ATS Energy's equity (i.e. we include pro-rata 70% of 700 KWp). The construction of the plant has been to date financed fully from Photon Energy's resources. Indicative offers for the refinancing of the plant have been received from two Slovak banks and the closing is expected in 2011Q1. For more information on the project please also refer to EBI report 45/2010.