Spanish PV installer EiDF boosts net profit by 529% y/y in 2021

Spanish solar energy firm Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) posted a net income of EUR 7.1 million (USD 7.46m) in 2021, up by 529% year-on-year, profiting from an exceptional year for solar self-consumption in Spain and the decision to branch out into the large-scale development.

The company recorded a sales growth of 128% year-on-year to around EUR 45.6 million, according to its financial results for the fiscal 2021. Its EPC division increased sales by a whopping 2,935% to EUR 20.4 million, while the solar self-consumption division, EiDF’s main business line, grew sales to EUR 25.2 million, up by 28.6% compared to 2020.

The self-consumption division, which provides services for the commercial and industrial (C&I) sector only, earned its revenues by executing 323 projects for a total of 63.1 MW. Of these, 29 projects totalling 30 MW were delivered under power purchase agreements (PPAs), up by 322% on the year, EiDF said.

The company expects price volatility on the energy market to further drive customers towards the PPA model, saying that its portfolio of PPA-based self-consumption projects for the first quarter of 2022 stands at 33.5 MW.

Other figures in the 2021 financial report show growth as well -- earnings before interest, taxes, depreciation and amortisation (EBITDA) surged by 236% to EUR 10.4 million, while EBIT went up by 381% to EUR 10.2 million.

EiDF ramped up activity in 2021 to prop up its power generation division, which will produce solar energy from large-scale plants and market the electricity via the company’s new retail unit to existing self-consumption customers. At present, the generation division has 2,207 MW of projects in the development pipeline. The company expects to have some 150 MW of them in operation in 2022.

EiDF’s retail business got a boost this year with the acquisition of Seville-based power and gas retailer ODF. EiDF wants this area of business to be capable of supplying around 2 TWh of electricity in 2025.

(EUR 1.0 = USD 1.051)

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