Pacifico upbeat on 2022 outlook amid high electricity prices

German renewable energy producer Pacifico Renewables Yield AG (ETR:PRY) today said it expects revenue to continue growing in 2022 on the back of persistently high electricity prices which led to significant growth last year.

At EUR 22 million (USD 24.47m), Pacifico's revenues in 2021 rose 46% and were in line with the forecast of EUR 20.5 million to EUR 23.5 million which was raised twice last year.

The group's earnings before interest, taxes, depreciation, and amortisation (EBITDA), adjusted for non-recurring items, rose by 36% to EUR 14.7 million.

The solid growth was driven by the acquisition of several solar and wind assets and considerably higher electricity prices. The power producer acquired a solar park and a wind farm in Germany, two solar projects in the Netherlands and one wind project in Poland and this will more than double its operational portfolio to 166 MW from 66 MW once recent acquisitions are fully operational.

In 2022, Pacifico expects its revenue to continue growing and total between EUR 33 million and EUR 43 million as a result of the portfolio expansion and high electricity prices. The company noted that its revenue in the first two months of the year alone is EUR 2.9 million higher than planned due to the combination of windy days and elevated electricity prices.

(EUR 1 = USD 1.113)

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