German renewables developer BayWa r.e. AG booked a solid increase in its earnings and revenues for 2021 helped by strong project sales and growth in solar trading.
Earnings before interest and tax (EBIT) rose 21.7% to EUR 135 million (USD 148.2m) last year as the output of the photovoltaic (PV) modules sold surged by roughly 73% to more than 2 GWp driven by buoyant demand in Europe, the Middle East and Africa, BayWa r.e. said on Thursday.
At EUR 3.56 billion, revenues soared more than 61.1% bolstered by plant sales with a total output of 612.8 MW. Turnkey energy plants accounted for about 74% of the plant sales.
BayWa r.e. is upbeat about its performance in the current year and expects the political situation to give impetus to sales of PV components in the solar trading business. The Munich-based developer plans to complete wind and solar projects totalling 1.2 GW in 2022. Projects that have been already completed are slated for sale in the first half of the year.
In the medium term, the scaling of offshore wind operations should enable BayWa r.e. to boost its project business to an annual volume of 3 GW. The company's growth strategy includes also the development of a portfolio of own solar and wind parks of 2.5 GW which will allow it to market electricity as an independent power producer.
(EUR 1 = USD 1.098)
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