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

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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 21, 2024
UAE state-owned renewable energy developer Masdar has reached an agreement to buy 67% stake in Greece's Terna Energy.
June 10, 2024
Solar equipment provider Mondragon Assembly has secured a contract with Greek PV module manufacturer Brite Solar for the development of a 150MW semi-transparent agrivoltaics module line in Greece.
May 30, 2024
Maxeon Solar Technologies posted net losses of US$14.87 million in its Q1 2024 financial results. It also announced that its future utility-scale solar business will be “focused exclusively on the US”.
May 24, 2024
Quarterly reports from China’s big-five PV module producers highlight the challenges PV manufacturers face in maintaining profitability.
May 15, 2024
Tigo Energy has published its financial results for the first quarter of 2024, which include revenues of US$9.8 million.
May 15, 2024
Nextracker's backlog has posted the financial results for Q4 2024 and FY 2024, with backlog increasing by more than 50%.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia