Pacifico Renewables sees 46% revenue rise, net loss in 2020

Germany-based renewable energy producer Pacifico Renewables Yield AG (ETR:PRY) increased its revenues by almost 46% year-over-year in 2020 to EUR 16.2 million (USD 19.2m), its annual results showed last week.

The revenues came from the power generated by the company’s portfolio, which last year produced 82 GWh, up 43% from 2019.

In 2020, a portfolio of six wind and 21 solar power plants totalling 66.4 MW contributed to electricity generation. The company currently has a portfolio of 96.6 MW in Germany, the Czech Republic, Italy and the Netherlands. It aims to expand it to 400 MW by 2023 at the latest.

Pacifico Renewables has priority access to projects developed by Pacifico Energy Partners GmbH with a potential capacity of over 600 MW. Also, in March of this year, it partnered with Boom Power to get priority access to the developer's pipeline of more than 1 GW of solar and battery storage in the UK.

In spite of the revenue growth, Pacifico Renewables recorded a consolidated net loss of EUR 3.8 million, a widening from EUR 1.7 million in the previous year. It attributed the loss to transaction costs mainly as a result of a rights issue in the second half of the year and of acquisitions. The company said the effect of these measures will be limited to 2020 and they have formed the basis for future revenue growth.

For 2021, the company expects revenues of between EUR 17.3 million and EUR 19.3 million and electricity output of 103 GWh to 115 GWh.

(EUR 1.0 = USD 1.186)

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