BayWa’s renewables EBIT rises 67.3% in H1

Image by BayWa r.e. AG. Source: https://www.baywa-re.com/

August 5 (Renewables Now) - BayWa re AG, the renewables business of German group BayWa AG (ETR:BYW6), is continuing its strong performance, delivering earnings before interest and tax (EBIT) of EUR 85 million (USD 86.5m) for the first half of 2022.

This is up from EUR 50.8 million in the same period of 2021. Revenues roughly doubled to EUR 2.7 billion from EUR 1.4 billion in last year’s first half, BayWa’s results showed on Thursday.

In the first six months of 2022, the renewables business sold wind and solar power plants with a combined capacity of 350 MW. Photovoltaic (PV) module sales grew 77%, while the business involving inverters was up 52%. The company said that the new independent power producer (IPP) business entity also fared well, boosted by the jump in electricity prices.

BayWa said it is benefiting from the international efforts towards greater independence from fossil energy, which are being reinforced by the energy crisis and expects “the very good development” of its renewable energies segment to continue in the remainder of the year.

(EUR 1 = USD 1.018)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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