Energiekontor to remain on growth track after strong 2021

German renewables developer and operator Energiekontor AG (ETR:EKT) boosted its earnings and revenues last year amid continuing adverse effects and expects to continue growing in 2022 despite increasing uncertainty.

Sales grew 6.7% and the total operating performance surged by more than 61% in 2021 supported by the strong results in the project development and sales segment. The company signed deals for the sale of wind and solar projects in Germany and the UK with a total capacity of around 117 MW, up from 44 MW in 2020. It also put five wind and solar parks with a combined output of around 66 MW into operation while growing the generation capacity of its own solar and wind portfolio to 330 MW.

The strong performance was enough to offset the negative effects of the unusually weak wind supply in Germany and some other markets as well as higher repair costs and lower-price post-EEG power purchase agreements (PPAs) that burdened the company's results in the first half.

Below is a table with details about Energiekontor's financial performance in 2021

Energiekontor is optimistic that it will continue its growth in 2022 despite increasing market uncertainties and risks. Although the company is not active in Russia and Ukraine, it is facing the impact of a sharp rise in raw material prices which has led to price increases by manufacturers of wind turbines, modules and components.

The company warned that it will be hard to commission some of its projects as planned by the end of this year due to bottlenecks in the global supply chain which causes delays in deliveries.

(EUR 1 = USD 1.113)

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