Brisk demand for PV modules, project sales boost BayWa r.e.'s Q1 results

May 5 (Renewables Now) - German renewables developer BayWa r.e. AG has made a strong start to 2022 with both earnings and revenues soaring in the first quarter of the year on the back of buoyant demand for photovoltaic (PV) modules.

Earnings before interest and tax (EBIT) nearly doubled to EUR 63.9 million (USD 67.29m) in the first three months of 2022 from EUR 33.7 million a year earlier, the parent company, BayWa AG (ETR:BYW6), said on Thursday.

Revenue in the January-March period surged to EUR 1.6 billion from EUR 662.1 million a year before.

The growth was fuelled by the sale of three solar and wind energy projects during the reporting period as well as the ongoing boom in the trading of solar modules.

Two major projects were sold in Texas -- a 266-MWp solar park and the project rights to a battery storage system with an output of 200 MW. A wind park in Italy with a capacity of 18 MW was also offloaded.

Additionally, the energy trading business of BayWa r.e. was bolstered by high electricity prices.

At the end of March, BayWa r.e. said it expects the political situation to give impetus to sales of PV components in the solar trading business during the year. The Munich-based developer plans to complete wind and solar projects totalling 1.2 GW in 2022.

(EUR 1 = USD 1.053)