Encavis sees revenue rise thanks to new Spanish solar projects

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Encavis’s 300MW Talayuela PV park in Spain. Image: Solarcentury.

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.

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.

Read Next

PV Tech Premium
September 15, 2021
Record-breaking power prices across Europe have turned the spotlight on the role fossil fuel plants play in generating electricity and how the transition to renewables-plus-storage could lower consumer bills.
September 10, 2021
Independent power producer ReNew Power has commissioned a 250MW portion of a 300MW solar plant in the Indian state of Rajasthan.
September 8, 2021
Sonnedix, Opdenergy and Canadian Solar were among the five successful bidders in Chile’s latest power auction, which took place yesterday (7 September) and will see the country support 2GW of renewables and storage installations.
September 7, 2021
Supply disruptions in the coal and gas sectors have contributed to record electricity costs across Europe, leading to calls for more support for renewables generation to mitigate future price rises.
PV Tech Premium
September 1, 2021
Spain’s renewables auction next month is set to receive high levels of interest from solar bidders, according to industry observers, as the country’s government seeks to support the swift deployment of new capacity following a summer beset by record-breaking electricity prices.
August 31, 2021
Azure Power is on track to increase its operating solar capacity by at least a third this fiscal year following a first quarter that saw the independent power producer (IPP) return to profitability.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021