German solar farm developer Solarstrom is to revise its earnings forecast for 2013 after delays to a number of UK projects meant it would be unable to include the related revenues in this year’s results.
The company said earlier this month that it was confident it would hit its target of 117MW.
A fresh statement, however, confirms that the hold-ups experienced in the UK had not been unblocked in time to affect this year’s results.
A spokeswoman for the company told PV Tech that the root of the problem was in negotiations over contracting with an energy company involved in the projects.
“The projects planned for 2013 have been further delayed to such an extent that the communicated installation and sales volume, and thus the earnings target, can no longer be achieved within the remaining time to the end of the year,” a statement released by the company read.
“In view of the industry situation in Europe, which is marked by a slump in the market of over 50 %, the installation volume of these projects cannot be compensated for by other projects by the end of the year,” it continued.
SAG Solarstrom has expanded into Latin America and other emerging markets but its work there is not yet in a position to offset delays in Europe.
It now expects sales volumes to “fall well below planned targets” resulting in losses for 2013. The companies Q3 results for 2013 predicted that the company would turn a profit in 2013.