Pacifico closes 51.8-MW Polish wind buy, ups 2021 revenue forecast

German renewable energy producer Pacifico Renewables Yield AG (ETR:PRY) today said it has closed the acquisition of a 51.8-MW wind farm portfolio in Poland and released an updated forecast for its 2021 financial performance.

As it anticipates to benefit from increased electricity prices, the company lifted its full-year revenue projections, guiding for a result of between EUR 20 million (USD 22.6m) and EUR 22 million against EUR 18.6 million-20 million previously. If the electricity prices remain at the currently elevated levels, the top-line result may be above the guidance's mid-point, Pacifico said.

Power production, meanwhile, is seen to be at the upper end of or slightly higher than the 116 GWh-128 GWh forecast.

In 2020, the German firm booked revenues of EUR 16.2 million.

POLISH ACQUISITION

Pacifico has acquired three onshore wind parks from its partner Pacifico Energy Partners GmbH, which is the projects’ developer. The deal, as previously announced, has a cash-free enterprise value of some EUR 104 million.

The acquired assets in northern Poland include a total of 20 Vestas turbines that were commissioned by the end of the first half of 2021 and are expected to generate about 191 GWh of green electricity annually. The electricity from the farms is sold on the market at merchant prices.

All three plants are backed by a 15-year inflation-linked public support mechanism.

(EUR 1.0 = USD 1.128)

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