Photon Energy acquires control of VPP developer Lerta

Amsterdam-based solar and water solutions company Photon Energy NV (WSE:PEN) on Friday said that it has boosted to 56.75% its shareholding in Polish virtual power plant (VPP) developer Lerta SA for about EUR 6.9 million (USD 7.19m) with a plan for a complete buyout before year-end.

The additional shareholding was purchased from PGE Ventures, Newberg and the ASI Valuetech Seed Fund. The remaining minority stake in the business will be acquired from the two founding shareholders later this year, a statement said.

Photon Energy first bet on the business in January 2021, taking a 12% interest as a lead investor in a fund-raiser. The Dutch firm in December 2021 participated in Lerta’s Series A financing round, boosting its ownership to 24%.

Established in 2016, Lerta operates an AI software platform that allows it to forecast and optimise the output of renewable power plants and the load of industrial clients based on current prices and grid needs. Its VPP network currently manages a total capacity of nearly 300 MWp, aggregated from more than 300 sites across four countries. The business expects to book EUR 23 million in revenue in 2022.

The integration of Lerta will provide Photon Energy with energy trading licenses in six countries -- Poland, Hungary, Romania, the Czech Republic, Slovakia and Serbia.

(EUR 1 = USD 1.042)

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