BayWa re AG, the renewables business of German diversified group BayWa AG (ETR:BYW6), closed 2022 with record-high earnings before interest and tax (EBIT) of EUR 239.1 million (USD 260.3m), marking an increase from EUR 135 million a year earlier.
The improvement came as revenues in the past year almost doubled to EUR 6.5 billion from EUR 3.6 billion, the company’s financial report showed on Thursday.
During the reporting period, the German renewables business sold 26 wind and solar power plants and enjoyed strong demand in solar module trading that helped it boost earnings further. Photovoltaic (PV) module sales jumped by 71% in annual terms to 3.5 GWp. Meanwhile, the independent power producer (IPP) business, which handles the operation of BayWa’s own solar and wind farms, was expanded by seven projects to reach a total of 26.
Looking ahead, BayWa said it expects the renewable energy segment to keep its growth trajectory in the future, spurred by the German government’s goal and subsidy schemes for solar power and e-mobility. In 2023, the company plans to shed 2.1 GW of solar and wind project projects and further expand its IPP portfolio, mainly via project acquisitions in Europe.
(EUR 1.0 = USD 1.089)
Choose your newsletter by Renewables Now. Join for free!