Pacifico on track to meet 2022 revenue target

German renewable energy producer Pacifico Renewables Yield AG (ETR:PRY) has reiterated its forecast for revenue growth in 2022 thanks to increased electricity prices coupled with favourable wind conditions in the first months of the year.

The power producer expects its revenue to continue growing and total between EUR 33 million and EUR 43 million this year compared with EUR 22 million in 2021.

Higher-than-expected power prices in March and April were more than enough to offset weaker wind conditions in March, Pacifico said on Thursday.

The elevated prices were supported by solid production which was according to the plan.

In the first two months of the year, revenue was EUR 2.9 million above the projected level, as announced in March.

In addition, Pacifico noted that it has completed the construction of a 14.1-MW solar park in the Netherlands which it acquired last October. The facility has been in operation since the beginning of February. Located near Hernen, the power plant benefits from subsidies under the Dutch government scheme (SDE+).

The company now owns a 30 MW-portfolio in the Netherlands.

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