Encavis records H1 2021 revenue growth on Spanish solar bonanza

German wind and solar farm operator Encavis AG (ETR:ECV) on Friday reported a revenue growth of 4.8% to EUR 162.2 million (USD 190.6m) for the first half of 2021, achieving it largely on the back of solar PV production in Spain.

Unfavourable weather conditions for Encavis’ solar and wind farms in some of its markets led to the company losing around EUR 12.2 million in power generation revenues. Nevertheless, the 200-MWp La Cabrera and the 300-MWp Talayuela solar farms in Spain earned EUR 16.6 million, more than enough to compensate for revenues losses elsewhere in the portfolio.

La Cabrera was connected later in 2020, followed by Talayuela in early 2021.

During the first six months of the year, Encavis fed 928 GWh of solar output into the grid, up 71.7% year-on-year. About 46% of the power feed came from the two solar farms in Spain, Encavis said.

The company’s wind farms fed 482.7 GWh, down by 16.6% on the year, mainly due to weather conditions, which for the wind segment improve later in the season.

Operating earnings before interest and taxes (EBIT) fell by around 7.8% on weaker weather conditions, but also due to higher depreciation of newly commissioned wind and solar PV farms, the company explained.

More details follow in the table below:

The Encavis group currently operates 2.8 GW of capacity across 190 solar and 95 wind farms in Germany, Italy, France, the UK, Austria, Finland, Sweden, Denmark, the Netherlands and Spain. Among the plants, are 24 solar and 52 wind farms that the company operate for third parties through the asset management segment.

Encavis confirmed its outlook for the full fiscal year of 2021, projecting revenues of over EUR 320 million, operating EBITDA of more than EUR 240 million and operating EBIT totalling over EUR 138 million.

(EUR 1.0 = USD 1.175)

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