Encavis FY profits soar, energy production from renewables up 14%

Encavis increased electricity production from renewable energy by almost 14% to about 3,133GWh. Image: Encavis

German independent power producer (IPP) Encavis reported EBITDA for the 2022 full year rising by about a third from a year earlier.

EBITDA rose 32.6% to €340 million (US$363.3 million) from €256.4 million in 2021, in line with the company’s EBITDA target of achieving more than €330 million for 2022.

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Revenue for the full year rose to €455 million from €332.7 million a year earlier. The forecast had been for revenue coming in above €420 million.

The wind and solar park operator increased electricity production from renewable energy in its own portfolio by almost 14% year-on-year to around 3,133 (GWh) from 2,754 GWh.

The company’s operating earnings per share increased to €0.58 in FY 2022 from €0.48 in the previous year, equivalent to a 20.8% increase.

Operating cash flow rose to €320 million from the previous year’s result of €251.9 million.

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