€35.1 Million 9M/2019 Record EBITDA For 7C Solarparken

7C Solarparken Annual Revenues During 9M/2019 Improved 5.3% With Increased Electricity Generation; €35.1 Million Record EBITDA Reported; Three-Year Strategic Plan To Be Revealed On December 10, 2019
06:11 AM (Beijing Time) - 03. December 2019
Capture-PNG

7C Solarparken has increased its full year 2019 guidance for revenues and EBITDA change following positive results in 9M/2019.

Key Takeaways

  • Germany’s 7C Solarparken has reported 5.3% higher revenues during 9M/2019 because of increased electricity production
  • Electricity sales too went up as power production improved 16.9% annually to 149 GWh
  • EBITDA for the company was a record of €35.1 million growing 10.7% from last year and its net debt came down by 4.5%
  • Full year revenue guidance for 2019 is for a minimum of €42 million and at least €37.5 million EBITDA

Increased electricity production during the first three quarters of 2019, not to miss first-time revenues from the acquisition of asset management for operating solar power plants helped German independent power producer 7C Solarparken improve its revenues by 5.3% annually to €37.6 million ($41.6 million) in 9M/2019.

Electricity generation for the company went up 16.9% to 149 GWh during the reporting period and its sales amounted to €37 million ($41 million) compared to €35.5 million ($39 million) a year back during the same period. This was owing to full inclusion of the plants acquired in the previous year, sales of all plants still under construction and revenue contributions of the newly acquired and newly built solar and wind power plants.

These conditions and several one-offs helped 7C Solarparken grow its EBITDA 10.7% over 9M/2018 to a record of €35.1 million ($38.8 million). Solarparken management also said the company’s net debt reduced 4.5% over last year, which reflects solid cash flow generation and the proceeds of a private placement in June 2019.

At the end of September 2019, 7C Solarparken reported an IPP portfolio of 187 MW, which was increased to 190 MW currently after having acquired new solar and wind assets of 16.8 MW in Q1/2019 and Q2/2019 and 16.5 MW in Q3/2019. This includes a 2.3 MW rooftop solar project in Gustrow from E.ON.   

Guidance up

For the full year 2019, 7C Solarparken has guided for an upward revision for its revenues to reach at least €42 million ($46.5 million), as against €41 million ($45 million) offered earlier. As a result, EBITDA guidance has changed to a minimum of €37.5 million ($41.5 million), which previously was forecast as €35 million ($38.7 million). It has also changed its cash flow per share guidance to €0.52 ($0.58) per share for the year 2019. The management plans to announce its three-year Strategic Plan on December 10, 2019.   

 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

Write, follow the author.
Email

Anu Bhambhani