Spanish solar firm EiDF boosts revenues by 1,789% in H1 2022

Spanish solar energy firm Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) grew revenues by 1,789% year-on-year to EUR 180.7 million (USD 185.3m) in the first half of 2022, on contributions from the newly-added power retail division and strong growth of its other business lines.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) came at EUR 26.0 million, up by 1,004% compared to the same six-month period in 2021, according to the company’s preliminary results.

The unaudited figures are not like-for-like, EiDF highlighted, reminding that it only started operating in the power and gas retail market this year after acquiring Seville-based company Grupo ODF and taking a 51% stake in retailer Nagini. The retail business booked revenues totalling EUR 114.9 million in this year’s first semester, compared to EUR 61 million that Grupo ODF reported a year back, EiDF said.

Solar self-consumption installations for corporates and SMEs, EiDF’s main business line, boosted revenues by 628% to EUR 42.7 million. This unit executed contracts for 89.6 MW of solar projects, the EiDF group said.

Lastly, the company’s generation/EPC unit earned revenues of EUR 23.1 million, up 770% in annual terms, and is on its way to install some 150 MW of solar power capacity by the end of the year. The resulting solar farms will generate power for EiDF’s retail business.

(EUR 1.0 = USD 1.026)

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