Mytilineos’ renewables unit takes financial hit from project delays in 2020

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Mytilineos was the engineering, procurement and construction contractor for the 170MW Atacama Solar project (pictured) in Chile. Image: Mytilineos.

Greek industrial group Mytilineos said 2020 turnover from its renewables and storage development unit was around 40% lower than forecasted due to contracting and construction delays as a result of the coronavirus pandemic.

The unit’s turnover was down 32% year-on-year to €264 million (US$316 million), while earnings before interest, taxes, depreciation and amortisation (EBITDA) almost halved (down 48%) to €15 million.

Despite the challenging circumstances, the company completed engineering, procurement and construction contracts last year for the 170MW Atacama PV plant in Chile and the 300MW Talasol park in Spain.

In terms of build-operate-transfer projects in the renewables business, Mytilineos said its portfolio has reached 4.3GW of capacity, including facilities in countries such as Greece, Spain, the UK, Chile, Mexico, South Korea, Taiwan and Australia.

While the impacts of the pandemic were strongly felt in the renewables unit in the first nine months of the year, a “gradual recovery” was noted in the last quarter, with the signing of new projects and the normalisation of construction progress.

With the unit undertaking new projects and investments in targeted markets, Mytilineos said the renewables development business will be a “significant catalyst” for the firm’s operational profitability in the coming year.

For the company as a whole, 2020 turnover was €1.9 billion, down 16% year-on-year, while EBITDA increased 1% to €315 million.

Mytilineos said the improvement of Greek electricity consumption and gradual increase of power prices as well as the progress of new renewables projects are setting a “solid foundation for a strong financial performance in 2021”.

Read Next

March 3, 2021
Iberdrola is progressing with efforts to develop three solar farms in Spain’s Valencia region that will have a combined capacity of 450MW and require an investment of more than €235 million (US$284 million).
March 2, 2021
Spain should limit the size of new solar parks to encourage the deployment of smaller projects located closer to consumers, the country’s National Association of Photovoltaic Energy Producers (ANPIER) has said.
February 26, 2021
Spanish developer Solarpack has updated its guidance to have between 1.8GW and 2GW of solar in operation and under construction by 2023.
February 26, 2021
EDP will focus on North America to ramp up its solar capacity in the next five years as part of a new strategic update that will see the Portuguese utility target more than 50GW of renewables additions by 2030.
February 25, 2021
Soltec recorded a €4.9 million (US$6 million) loss last year as the coronavirus pandemic caused projects delays and an increase in costs for the Spanish solar tracker manufacturer.
February 24, 2021
A European Commission-backed project has been launched to scale up Europe’s PV manufacturing industry and capture the continent’s “booming demand” for solar equipment.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021