Spanish solar power firm EiDF boosts Q3 revenues by 933% y/y

Spanish solar energy firm Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) on Monday reported revenues of EUR 315.54 million (USD 308.9m) for the third quarter of 2022, up by 932.86% year-on-year, on growth of its already established activities and contributions from the new power and gas retail business.

The overall revenue figure includes the performance of the generation and the retail businesses which did not exist in the third quarter last year. Retail, in which EiDF is now engaged in following an acquisition and a stake purchase earlier in 2022, accounted for EUR 194.9 million of the total revenues for the period, the company said.

Construction of solar self-consumption arrays, EiDF’s main business line, earned revenues of EUR 69.98 million, which represented a surge of 336.83% compared to the same trimester a year ago.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the period jumped by 560% to EUR 46.86 million.

The solar self-consumption business executed power purchase agreements (PPAs) for just over 40 MW of projects during the reporting period. In the utility-scale segment, the company plans to have 152 MW of solar plants installed by the end of 2022, it said.

(EUR 1.0 = USD 0.979)

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