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

June 8, 2021
A round-up of the latest project news, as Mytilineos is chosen as EPC for a project in Uzbekistan, Clenergy forms a deal with the local Kongtong government for 150MW and CleanCapital teams up with CI Renewables for a 29MW portfolio.
June 1, 2021
Lightsource BP has said it won more than 40% of the total awarded capacity in Greece’s renewables auction last week through a co-development partnership, increasing its global presence to 14 countries.
May 31, 2021
Solar PV bidders picked up all the available 350MW of capacity in Greece’s latest renewables auction, which took place on 24 May and closed with lower prices than the country's previous tenders.
May 26, 2021
ReneSola Power is aiming to build on its solid first quarter financial performance to reach a 2GW PV project pipeline by the end of the year, as it prepares to enter at least two new Europen markets.
May 25, 2021
Solar contractor iSun’s pre-tax earnings fell further at the start of 2021 compared to the same period last year, while its gross margin took a hit due to project delays brought on by COVID-19.
PV Tech Premium
May 14, 2021
While foreign investors are said to be flocking to Greece’s solar sector, project developers are struggling with headwinds in the form of grid access challenges and local resistance to new renewables plants. Jules Scully looks at how these hurdles are affecting PV deployment in the country.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021