UK-based solar developer Solarcentury posted record profits in excess of £20 million in its last financial year, helping the company plot a course to complete an international pipeline that now amounts to 6GW.
Financials disclosed late last week place revenues for the year ended 31 March 2020 at £187 million, rising more than 87% year-on-year, while earnings also grew by more than 50% on the back of continued growth in its overseas markets.
And that performance is helping Solarcentury pursue a pipeline of nearly 6GW worth of solar, which is at various stages of development.
The company currently has three projects under construction, two in Spain and one in the Netherlands, cumulatively amounting to 610MWp.
Despite current challenges caused by COVID-19 and the global lockdown, Solarcentury says that its integrated business model with five revenue streams has allowed it to hedge against short-term slowdown in development activity.
It predicts that while in the short-term, falling demand may shake the power sector, this will help to accelerate renewable energy in the medium-term as solar is so economically competitive.
In the meantime, the company states that its balance sheet, which includes £40 million in cash, is strong enough to manage uncertainty and that the health and welfare of its workforce is its priority. O&M activity continues at sites, and teams remain onsite at the three construction projects.
Frans van den Heuvel, chief executive of Solarcentury, hailed the past 12 months as a “landmark year” adding that for the second year in a row the company has seen a robust financial performance.
“With a significantly strengthened balance sheet, we are well positioned to navigate the short-term challenges presented by COVID-19, with sufficient liquidity to deliver our existing 6GWp pipeline across Europe, Latin America and Africa.
“We have acted decisively to protect our people since the outbreak of COVID-19 and I would like to thank them personally for their ongoing resolve in these unprecedented circumstances. Their commitment and spirit give me great confidence that we will continue to thrive on the other side of the pandemic, as we fight what remains the biggest crisis facing our generation; climate chaos.”