Encavis revenue up 7% despite ‘average’ conditions affecting solar performance

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Encavis’s 300MW Talayuela PV park in Spain was connected to the grid last year. Image: Solarcentury.

Encavis expects revenue from its solar parks to rebound this year following a 2020 that saw the company’s portfolio affected by “average” meteorological conditions.

While the German independent power producer (IPP) surpassed its forecasts for 2020, revenue from its solar projects declined “slightly”, but was offset by wind project performance that contributed to a 7% overall year-on-year revenue rise to €292.3 million (US$345.7 million).  

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Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by around 3% to €224.8 million compared to 2019.

“The continuing expansion of the portfolio and the high degree of availability of our installations contributed to us being able to achieve our forecast targets in spite of more or less average meteorological conditions in many parts of Europe,” said Dr Christoph Husmann, Envcavis CFO.

Despite COVID-related challenges and delays, the company connected the 300MW Talayuela and 200MW La Cabrera solar parks to Spain’s grid last year, which are expected boost growth in 2021, with the IPP forecasting a 9.5% increase in revenue and 6.8% rise in EBITDA this year.

Envcavis acquires and operates solar parks and wind farms in ten European countries and has a total generation capacity of around 2.8GW. Deals last year saw the company buy 80MWp of Dutch solar assets from Baywa r.e. and acquire the remaining shares in a portfolio of 12 arrays in France.

Dierk Paskert, CEO of Encavis, said to realise its growth targets the company is focusing on industrial customers and their need for power purchase agreements (PPAs): “To this end, we have combined the expertise into our own PPA origination department beginning of this year.”

To further boost its knowledge of the PPA market, Encavis has invested in Pexapark, a renewables software firm that uses quantitative analysis to price, analyse, source and manage PPAs.

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