August 8 (Renewables Now) - German diversified group BayWa AG (ETR:BYW6) registered positive first-half earnings before interest and tax (EBIT) for its renewables business thanks to increased activity and “solid development” of photovoltaic (PV) trading activities.
The renewables business is pooled in BayWa r.e. renewable energy GmbH and is part of BayWa’s Energy Segment. Renewables generated an EBIT of EUR 0.5 million (USD 0.56m), as compared to a loss of EUR 3.6 million in the first half of 2018, BayWa’s financial report showed on Thursday. The revenues of the particular business unit rose by 28.9% in annual terms to EUR 696.1 million.
The first six months of 2019 marked the construction start of several wind and solar parks. BayWa r.e. acquired the business of the UK’s Forsa Energy, thus getting access to a 350-MW pipeline of Scottish onshore wind projects. The German firm also doubled the number of PV modules sold in January-June, in spite of the falling module prices, which further boosted its financial results.
At present, BayWa has more than 2.7 GW of ongoing wind and solar projects, some 660 MW of which will be sold this year. These sales are expected to make a “particularly significant contribution” to the full-year EBIT result, BayWa noted.
(EUR 1.0 = USD 1.119)