SAG Solarstrom upbeat for 2013 despite sales slowdown in Q3

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

German project developer SAG Solarstrom has insisted it is weathering continued difficulties in Europe's PV market despite posting a €6.9 million (US$9.3 million) loss for the first nine months of the year.

The company said it was continuing to make up for a 50% slump in the European market through ongoing investment in international expansion and was confident of achieving a positive operating result for the full year.

The company said it was continuing to focus on the UK as a key market, while also developing projects in Africa, Turkey and Latin America. It said the cost of investing in these new markets had impacted on its overall balance sheet.

Overall Solarstrom said its sales for the first three quarters of the year had reached €74.5 million (US$100.8 million), down from €90.1 million (US$121.8 million) over the same period last year.

But with sales having already reached €62.9 million (US$85 million) in the first half of this year, the company has added only €11.6 million (US$15.7 million) in further sales since then, underlining a difficult third quarter.

“The European market has, as expected, collapsed by more than 50%, due to regulatory changes and the introduction of punitive tariffs and minimum import prices on Chinese module imports,” said chief executive Karl Kuhlmann.

“We therefore had to significantly accelerate our international expansion, in order to develop future growth markets for our group. This has left its mark on our results and our balance sheet. However, we are convinced that our aggressive expansion strategy has laid crucial foundations for profiting from market growth at the end of the consolidation phase.”

The company’s difficulties in the last quarter appear to partially originate in the UK, which accounted for 63.1% of its total sales in the first three quarters of the year; Solarstrom revealed that it had had to delay UK projects planned for the third quarter of this year due to the “unclear” situation created by the EU-China solar trade dispute.

The company has also had to discontinue its ‘Partner Sales’ business line, which organises the sale of solar equipment throughout Germany. It said that sales through this area had fallen from €18.5 million (US$25 million) in the first three quarters of last year to just €1.2 million (US$1.6 million) over the same period this year, prompting the decision to discontinue.

But, pointing to last year’s results, Solarstrom said it was confident of reaching the forecast 117MW of installations across its various markets by the end of the year.

“We implemented a large part of our installation volume in Q4 last year, which is why we are confirming our forecast, particularly in view of our current project pipeline and the advanced project situation,” said Kuhlmann. 

21 September 2021
C&I consumers currently source only about 7% of their power requirement directly from renewables. Indian corporate renewable market has grown rapidly and holds huge growth potential as companies look to reduce power purchase costs and cut carbon emissions. BRIDGE TO INDIA has built significant expertise in the corporate renewable business by working on over 30 consulting assignments and various research reports. We are organizing this conference to bring all stakeholders together and delve deeper into various market aspects. The conference will be held on a virtual platform with excellent networking opportunities for all participants.
22 September 2021
To commemorate the World Energy Storage Day(WESD) on 22 September, being recognized worldwide, Customized Energy Solutions (CES) and India Energy Storage Alliance (IESA) is organising the 5th global conference and virtual expo, which will be held virtually on 22 September 2021. WESD is a global movement initiated by various apex trade bodies working to promote and adopt energy storage, e-mobility & green hydrogen technologies for a sustainable future. The forthcoming edition of WESD is expected to attract global participation with an intent to facilitate bi-lateral trade, market development and new research and innovation, which will invite 100+ countries, 100+ regulators & policy makers, 100+ International speakers,1000+ organisations, 100+ partners & exhibitors and 20,000+ global delegates.
28 September 2021
Solar Solutions International is the largest trade show for solar energy in Northwest Europe. Now the solar market has grown up, it's time for the next step. Solar Solutions International displays more than 500 innovations and over 100 practical seminars concerning the latest in energy storage, smart products, and an ever evolving array of solar panels. As an exclusively B2B trade show, Solar Solutions International offers both exhibitors and visitors the chance to network at the highest level. Duurzaam Verwarmd, the largest trade show for sustainable HVAC technology in the Benelux, is held simultaneously. This way your one visit gets you up to date with all of the developments in both sustainable energy and heating.
6 October 2021
Intersolar Europe is the world’s leading exhibition for the solar industry. It takes place as part of The smarter E Europe – the continent’s largest platform for the energy industry. Under the motto “Connecting solar business,” manufacturers, suppliers, distributors, service providers and project planners and developers from around the world meet in Munich every year to discuss the latest developments and trends, explore innovations firsthand and meet potential new customers.
6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.
18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.

Read Next

PV Tech Premium
September 21, 2021
Pressures on PV plant performance have led the solar industry to be more demanding and forensic of the data operational projects generate, as well as the power. Jules Scully explores the growing role software is playing in the utility-scale solar arena and how it must evolve further still to meet expectations.
September 21, 2021
A round-up of the latest news from the US PV sector, including project developments from Ørsted, Candela Renewables and CEP Renewables.
September 21, 2021
New York’s governor has proposed an expansion of the NY-Sun distributed solar incentive programme and revealed plans for two transmission projects that will transport renewable energy to New York City to help the state reach 70% renewable electricity by 2030.
September 21, 2021
German solar installer Enpal has raised €345 million (US$405 million) in debt financing to fund the deployment of more than 15,000 household solar PV systems
September 21, 2021
India added 521MW of rooftop solar in Q2 2021, an increase of 517% compared to the 85MW added in the same quarter last year despite a slight increase in costs, according to a Mercom India report.
September 21, 2021
Private equity firm American Securities has secured a deal to acquire US solar engineering, procurement and construction (EPC) provider Swinerton Renewable Energy and its operations and maintenance (O&M) subsidiary SOLV from Swinerton Incorporated.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021