German independent power producer (IPP) Encavis reported revenue growth in the first half of the year due to the contribution of two new Spanish PV plants that offset the impact of weaker weather conditions.
Revenue was up 4.8% year-on-year to €162.2 million (US$191.1 million) mainly due to the 200MWp La Cabrera and 300MWp Talayuela plants, which were connected to Spain’s grid in November and January, respectively, and contributed €16.6 million to the company’s revenue in H1.
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The Spanish parks were as a result able to more than compensate for the weather-related decline in sales of the company’s existing projects that amounted to €12.2 million.
“With production now at full capacity, the two Spanish solar parks were able to unleash their full potential for a positive contribution to sales,” said Encavis CFO Christoph Husmann.
Despite last year’s first half being characterised by good weather conditions, Encavis was able to increase H1 2021 operating EBITDA by 2.3% to €122.3 million.
As of the end of June, Encavis’s own solar portfolio consisted of 166 solar projects with a total capacity of 1.3GW that are distributed throughout Germany, Italy, France, the UK, the Netherlands and Spain.
The company has a project pipeline of solar and wind installations with a total generation capacity of more than 3GW, of which almost 60% are in Germany, Denmark and Italy. This year, the firm expects to expand its portfolio with the acquisition of grid-connected PV and wind plants that benefit from feed-in tariffs or have long-term power purchase agreements in place.
Encavis forecasts that the two Spanish projects will continue to benefit its financial performance for the remainder of 2021 as it expects full-year revenue to increase 9% on 2020 to €320 million, while operating EBITDA is forecasted to rise 7% to €240 million.